CORN

• Corn prices remain lower at midday, pressured by improving crop conditions and favorable weather conditions.
• Monday’s Crop Progress report showed crop conditions improving 3% to 73% good-to-excellent.
• AgRural has raised their corn production estimate for Brazil to 130.6 mmt, up 2.1 mmt from their previous forecast.

SOYBEANS

• Soybeans continue to trend weaker at midday on higher soybean stocks and bearish weather forecasts.
• Yesterday’s Crop Progress report showed soybean conditions steady at 66% good-to-excellent.
• The US and Italy are set to form a new task force in order to boost US soybean exports to Italy, Brooke Rollins announced yesterday.

WHEAT

• Wheat classes are mixed at midday, with Chicago and HRW contracts trading higher at midday, supported by a weaker dollar and lower harvested acres.
• Winter wheat conditions fell 1% to 48% good-to-excellent while harvest improved from 18% last week to 37% this week.
• Argus Media estimates that Ukraine wheat production is now seen at 21.9 mmt, down from the groups earlier estimate of 23.7 mmt.

Author

Tanner Wilson