CORN

• Corn futures remain weaker at midday on pressure from growing production estimates in the US and South America.
• Weekly corn exports totaled 77 mb, which were on par with expectations. Year-to-date commitments now sit at 2.777 billion bushels, up 26% from last year.
• Conab has raised their total corn production estimate for Brazil to 137 mmt, up from the groups previous forecast of 131.97 mmt. The group also raised Brazil’s export forecast by 4 mmt to 40 mmt due to increased supplies.

SOYBEANS

• Soybean prices are drifting lower at midday, pressured by lack of US export engagement from China despite US products being cheaper than South America.
• Weekly export sales for soybeans came in at the low end of expectations at 28 mb. Year-to-date commitments total 1.878 billion bushels, which is up 11.5% from the previous year.
• Conab raised Brazil’s soybean production estimate slightly to 169.65 mmt, but was below the average guess of 170.5 mmt.

WHEAT

• All three wheat classes are trending lower at midday as the bear camp holds the reigns. Large ending stocks in the US and a potential agreement between the US and Russia tomorrow are keeping pressure on wheat prices.
• Weekly wheat exports remain strong, beating expectations at 27 mb. Year-to-date commitments total 404 mb, up 24% from last year and remain at a five-year high.
• Conab left their wheat production estimate for Brazil unchanged from last month at 7.81 mmt.

Author

Tanner Wilson