CORN

• Corn prices continue to build momentum at midday, mostly driven by reciprocal tariffs that will go into effect tomorrow.
• Weather concerns could also be adding in premium to the corn market this week. Over the next 5 days, heavy rainfall will stretch across Oklahoma, Arkansas, Illinois, Kentucky, and Indiana, increasing concerns over flooding.
• Corn planting in the South is moving along rapidly. Louisiana jumped 20% to 81% complete. Texas planting progress jumped 10% from last week to 55% complete. Mississippi and Arkansas sit at 30% and 22% planted, respectively.

SOYBEANS

• Soybean futures remain firm at midday, supported by yesterday’s report showing lower soybean acres in the U.S.
• Agricultural Secretary, Brooke Rollins, announced that the USDA will be releasing more than $500 million to fund expansions in biofuel infrastructure across the country.
• February Crush data will be released later today. Trade analysts see crush for the month at 188.7 mb. If realized, February crush would be down 11.2% from January and 2.4% from last year.

WHEAT

• Wheat prices trend higher at midday on global production cuts and lower anticipated wheat acres.
• Yesterday’s wheat conditions report showed Kansas unchanged from the week prior while Oklahoma and Texas fell 4% and 5% respectively. Nebraska improved 11% thanks to some beneficial rainfall.
• Agricultural group, Argus, dropped their Russian wheat output to 80.3 mmt from 81.5 mmt in their last forecast.

Author

Tanner Wilson