CORN

• Corn continues to trade higher at midday, supported by short covering after a streak of lower trading for both July and December futures.
• Monday’s Crop Progress report showed corn planting progressed 6% from the week prior to 93% complete. This is right in line with the 5-year average and ahead of last year’s pace.
• AgRural has raised their corn production estimate for Brazil from 124.8 mmt to 128.5 mmt for the 2024/25 season.

SOYBEANS

• Soybeans remain firm at midday as 17% of the soybean area in the US is currently under drought. This compares to just 2% of the area under drought this time last year.
• Yesterday’s Crop Progress report showed soybean planting now sits at 84% complete, up 8% from last week and 4% higher than the 5-year average.
• AgRural increased their soybean production estimate for Brazil to 169 mmt, up from 167.7 mmt in their previous estimate.

WHEAT

• All three wheat classes are now trading higher at midday on support from drought conditions across the HRS growing area.
• Yesterday’s Crop Progress report showed Spring wheat planting jumping 8% to 95% complete. This compares 93% complete during the same week last year and the 5-year average of 90% planted. Winter wheat conditions were seen improving 2% to 54% good-to-excellent.
• The Australian Bureau of Agriculture and Resource Economics and Sciences has projected a 10% cut to the wheat output in the country to 30.6 mmt. The group cited dry conditions as the reason for the cut.

Author

Tanner Wilson