TFM Midday Update 2-14-2025

The CME and Total Farm Marketing offices will be closed Monday, February 17, in observance of Presidents Day

CORN

Corn continues higher at midday as it continues to gain support from a tightening global supply outlook.
USDA confirms the sale of 100,000 tons of U.S. corn for delivery to Colombia in 24/25.
A slow soybean harvest in Brazil is delaying the planting of safrinha corn, and a reduced corn crop in Argentina is improving the outlook for U.S. corn exports.
Rains in Argentina are helping to slow the decline in crop conditions, though some crops may be too far gone as the country continues to lower crop ratings.

Soybean prices continue to climb at midday, supported by drier weather in Argentina and a weaker U.S. dollar, which hit a new two-month low overnight. Soybeans and soybean meal are trading higher, while soybean oil is experiencing some losses.
Rain has returned to Brazil, causing delays in the soybean harvest. However, the forecast for next week calls for more isolated showers, which should help resume harvest progress.
Weekly soybean export sales were weak yesterday, and the trend is expected to persist as harvested supplies become more available in South America.
The market continues to respond to tariff news, as President Trump announced yesterday that reciprocal tariffs will not take effect until April, allowing time for negotiations.

Wheat prices are moving higher at midday, supported by ongoing winterkill concerns across the U.S. Plains and a decline in the U.S. dollar.
Traders are closely monitoring the U.S. Plains and the Black Sea region for freeze risks to the winter wheat crop as another cold snap moves through areas already showing signs of winterkilled patches. However, the forecasted snow may provide much-needed protection to the crops.
World weather uncertainty for 2025 may be providing support to the wheat market, as dry conditions persist in Russia and Ukraine. Additionally, Russia is expected to experience a cold snap next week, which could further stress crops.
The USDA reduced China’s demand for wheat, corn, and soybeans by 22 mmt, while weekly wheat export sales are estimated to range from 200 to 600 mt, compared to 438 mt last week.

Lauren VandenLangenberg