Wednesday June 23, 2021
- Mixed this morning with wheat still holding strength as concern over spring wheat crop continues and feed mills turn to wheat as an alternative to corn in the U.S.
- Forecasts are split between the Eastern Corn Belt (getting rain) and the North Western Corn Belt (not getting rain)
- The majority of the prime corn and bean crops are among the areas getting suitable rains
- Reuters poll of 10 market analyst regarding Brazilian corn production for 2020/21 has the corn production estimates pegged at 93.9 MMT – down 8.5% and below the last USDA estimate of 98.5 MMT
- Chinese soybean purchases in the headlines today with a reported 6-10 cargoes of 2021 soybeans sold over night