CORN

• Corn futures are shifting higher at midday, supported by falling crop ratings yesterday. December corn is up 2-1/4 cents to $5.17-3/4, while March futures are up 2-1/4 cents to $5.32-1/2.
• Monday’s Crop Progress report showed corn ratings dropping 3% to 57% good-to-excellent. This compares to 71% good-to-excellent through the same week a year ago.
• AgRural reports that Brazil’s safrina corn crop harvest now stands at 92% complete vs 98% through the same period last year. The group also pegs Brazil’s first corn crop planting at 2%, just behind last year’s pace of 3.2% planted.

SOYBEANS

• Soybeans are being lifted at midday as demand steps back in after a softer opening. November soybeans are up 2-1/2 cents to $12.26-3/4, while the January contract is 3-00 cents higher to $12.41-1/4.
• Yesterday’s Crop Progress report showed soybean ratings falling 1% to 60% good-to-excellent. This compares to 69% a year ago.
• According to the European Union’s Agricultural Resources Unit, soybean yields are expected to be down 14% compared to the 5-year average. Heat and drought conditions are the cause of lower yield forecasts.

WHEAT

• All three wheat classes are trading lower at midday, driven by hints from Ukraine about a truce with Russia to stop grain export attacks. December Chicago is down 1-1/4 cents to $6.98-1/4, December KC is 4-00 cents lower to $7.63-1/4, and December Minneapolis is down 4-1/4 cents to $7.17-00.
• Spring wheat conditions fell 1% to 51% good-to-excellent but remain 2% higher year-over-year. Spring wheat harvest advanced 21% from a week ago to 62% complete.
• Cheap Russian supplies and chances of rain next week for wheat areas are the main cause of lower wheat prices today.

Author

Tanner Wilson