TFM Midday Update 04-16-2025

The CME and Total Farm Marketing Offices will be Closed Friday, April 18, in Observance of Good Friday

CORN

Corn futures remain firm at midday, supported by upcoming weather systems which could bring heavy rainfalls, further delaying planting progress.
The EU and Spain have increased corn buying from the US while tariffs are paused. EU corn imports are up nearly 2 mmt from the same time last year, while Spain’s corn imports from the US are at 30-year highs.
Ukraine’s corn production is estimated to increase 14% from last season to 27.9 mmt according to LSEG. Favorable weather forecasts for April and more corn acres are the reasons for the increase in production this season.

Soybean prices are continuing to trade higher at midday after China announced overnight that they are ready to talk with the US about the trade war.
Yesterday’s NOPA crush for the month of March came in at 194.551 mb, down from 196.406 mb in March of 2024, but up from 177.870 mb in February.
Brazil is reportedly allowing COFCO, which is a China owned company, to build the world’s largest port in Santos. The port is estimated to increase the total export capacity by 10 mmt to 14.5 mmt.
Anec has raised their Brazil soy export estimate for the month of April from 13.3 mmt to 14.5 mmt.

Wheat futures are getting a boost at midday on a lower dollar and additional weather threats to the SRW growing areas which have already seen damage.
The Buenos Aires Grain Exchange reported Argentina could see a record bumper wheat harvest if tax cuts get extended past June. As of now, BAGE is forecasting the second largest wheat output for the country ever.
The Chicago Board of Trade has declared force majeure on Ohio River terminals due to flooding which has halted wheat loadouts. Additional rain could add further delays to river terminals in Ohio.

Tanner Wilson