Corn Prices Rebounded Yesterday After a Crop Report Showed Lower Than Expected Crop Conditions, Despite Being the Highest in Six Years.

Dry and hot weather from eastern Kansas to the Midwest is raising concerns about soil moisture, while the western Corn Belt is seeing significant rainfall. In Ukraine, recent rains have benefited the corn crop, although more rain is still needed.

July Corn Futures prices rebounded, with the settlement price on June 18 at 450 cents per bushel, up 1.41% from the previous session.

Soybean Prices Rose Significantly After a Report Showed US Crop Conditions Were Below Expectations and Planting Progress Slower Than Expected

Despite an increase in soybean crushing, a reduction in soybean oil stocks has created scarcity in the market. Additionally, the Brazilian Vegetable Oil Association cut its forecast for Brazilian soybean production to 152.5 million tons. This figure is higher than CONAB's forecast but close to USDA's forecast.

July Soybean Futures prices rebounded, with the settlement price on June 18 at 1,174 cents per bushel, up 1.4% from the previous session.

In Contrast to the Two Above Commodities, Wheat Prices Have a Downward Trend

Favorable weather conditions for the harvest in the US and a positive crop outlook have pressured prices. The crop progress report showed that 28% of the Kansas wheat harvest has been completed, 20% higher than usual. On the other hand, Japan is seeking to purchase nearly 85,000 tons of wheat in their weekly tender from various suppliers, including nearly 30,000 tons from the US.

July Wheat Futures prices continued to decline. The settlement price on June 18 was 582 cents per bushel, down 1.61% from the previous session.