Soybean prices were mixed as the forecast for rainfall in Brazil varied. Some areas of Brazil are experiencing dry conditions, leading to concerns about replanting, while other areas have seen a break from rain. Private firms are lowering their estimates for Brazil's crop, and the USDA and CONAB will release updated outlooks for Brazil in the coming days. Corn prices were lower due to fund and technical selling, and market participants are monitoring weather conditions in South America and the tail end of the US harvest. The slow soybean planting pace in Brazil could limit acreage for the second crop, potentially creating export opportunities for the US. Wheat prices were lower due to fund and technical selling, as well as slow export demand for US wheat. Russia remains in control of the export market, and despite the ongoing war with Russia, Ukraine is still shipping out grain. US export inspections for wheat were below last week and last year. 89% of US winter wheat has emerged, with 50% of the crop in good to excellent condition.
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Corn was lower on fund and technical selling. Corn is also monitoring weather in South America, along with the very tail end of the U.S. harvest. Some near-term delays are expected stateside, but activity for this record crop is nearly over. The USDA says that as of Sunday, 96% of the crop is harvested, compared to 93% a week ago, 99% a year ago, and the five-year average of 95%. For Brazil, the slowest soybean planting pace in nearly a decade is expected to push planting of the second crop past the optimal window in some areas. The second crop was already expected to be smaller, but these soybean delays could limit acreage even further. That could open up more export opportunities for the U.S. Competition has been stiff over the past few months, even as U.S. prices declined, including recent moves to contract lows. Corn export inspections were above the previous week, but below last year, primarily to Mexico and Colombia. 2023/24 is ahead of 2022/23. A token amount of the weekly ...