Friday May 16th, 2025

• The market is ending off the week in the red.
• Soybean oil is following through on yesterdays limit-lower session. 
• USDA Drought Monitor: Precipitation was below normal across majority of the corn belt last week. Drought conditions expanded in central Minnesota, Southern Wisconsin, Michigan and Iowa. Rainfall was scarce throughout the High Plains.
  • US Areas Experiencing Drought:
  • All commodities are experiencing a bit more drought than the previous reporting period
• NOPA’s April crush dipped 2.2% from March but rose 12.3% year-over-year, setting a monthly record.
• US Export Sales:
  • Corn export sales were strong last week up 1% from the previous week and 24% from the prior 4 week average. South Korea was the largest corn buyer for the week.
  • Soybean sales were down 25% from the previous week and up 28% from the prior 4 week average. Egypt was the largest buyer.
  • Wheat sales were down 16% from the previous week but up from the prior 4 week average. 
• The Kansas wheat tour is projecting the states highest wheat yield since 2021. Crop scouts estimate the average yield at 53 bushels per acre this is above the 5 year tour average of 44.3bpa.
• Conab has raised its outlook for Brazil’s corn and soybean crops. The second corn crop is now estimated at 99.8 million metric tons, up 11% from last year, with planting fully completed.
• Argentina Crop Progress: Soybean harvest is now at 65% complete ahead of last years pace and the 3 year average. Corn harvest continues at a fast pace, now 37% complete.