Wet Weather Forecasts Across Most of the Corn Belt Are Not Favorable for Buyers. Last night, the EIA report showed that more than 1 million barrels of ethanol were produced per day in the week ending June 21, a decrease of 14,000 barrels per day from the previous week. Ethanol inventories recorded over 23.4 million barrels, down 194,000 barrels.

Tonight, the export sales report will be released, with the estimated range for old crop corn from 0.4 to 1.1 million tons for the week ending June 20. The new crop is estimated at 0 to 200,000 tons.

The market is looking forward to the acreage and quarterly corn inventory report from the USDA this Friday.

September Corn Futures prices continued to decline, with the settlement price on June 26 at 425.5 cents per bushel, down 1.45% from the previous session.

For the Soybean Market. The estimated range for weekly export sales for the week ending June 20 is from 300,000 to 600,000 tons for the 2023/24 marketing year. The new crop is projected at 0 to 200,000 tons.

Similar to corn, the soybean market is also awaiting the USDA's acreage and quarterly soybean inventory report on Friday evening.

September Soybean Futures prices fell, with the settlement price on June 26 at 1,107.25 cents per bushel, down 0.4% from the previous session.

Looking Ahead to the Export Sales Report. The estimated sales for wheat for the week ending June 20 are from 200,000 to 600,000 tons.

The market is waiting for the USDA's acreage and quarterly wheat inventory report to be released this Friday.

The Ukrainian Ministry of Agriculture estimates wheat exports for the 2023/24 marketing year (from July to June next year) at 18.3 million tons. Meanwhile, Algeria has purchased at least 130,000 to 150,000 tons of wheat in a tender on Wednesday.

September Wheat Futures prices were flat. The settlement price on June 26 was 560.5 cents per bushel, unchanged from the previous session.