CORN

• Corn futures remain lower at midday, pressured by friendly weather forecasts and crop conditions sitting at 9-year highs.
• Monday’s Crop Progress report showed corn ratings unchanged from last week at 74% good-to-excellent, and up from 67% last year.
• AgRural has increased their corn production estimate in Brazil to 136.3 mmt, up from their previous estimate in June of 130.6 mmt. Harvest advanced to 55% complete, up from 40% last week.

SOYBEANS

• Soybeans continue to see some weakness at midday as recent rainfall is keeping pressure on prices. January soybeans are trading just above the 100 and 200-day moving averages.
• Yesterday’s Crop Progress report showed soybean conditions dropping 2 points from the week prior to 68% good-to-excellent. This is on par with ratings during the same week last year.
• Limited fresh news on the soy side and more precipitation slated for this week across much of the Midwest may keep downside pressure on prices.

WHEAT

• Wheat prices have reversed higher at midday, supported by a drop in crop ratings and increasing concerns over a damaged crop.
• Spring wheat ratings dropped 2 points from last week to 52% good-to-excellent and still remains well below last years rating of 77%. Winter wheat harvest jumped 10% to 73% complete this week but remains slightly behind last year’s pace of 75% done at this time.
• IKAR has lowered Russia’s wheat output slightly to 83.5 mmt citing poor yields in the southern region as a reason for the cut.

Author

Tanner Wilson