TFM Midday Update 04-17-2025

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

CORN

Corn futures moved higher by midday, driven by weather concerns, as forecasts call for wet conditions across much of the Midwest over the next 10 days to two weeks, potentially causing planting delays.
US Corn export sales for the week ended April 10th were 61.5 mb for 24/25. Shipments last week were 74 mb and well above the 47.6 mb needed weekly to reach 2.550 bb.
Total corn commitments are now up 2.228 bb and up 27% over a year ago.
Earlier this week, the Argentine government devalued the peso in an effort to encourage producers to sell, a move that is expected to place some pressure on the corn markets.
Showers in Brazil’s southern safrinha corn regions have been disappointing so far, though rain chances are forecast into next week. Meanwhile, the drier conditions have allowed Argentina’s corn harvest to reach 28% completion.

Soybeans continue to trade lower at midday, heading into the holiday weekend, with additional pressure from escalating tariffs on China and a lack of supportive market fundamentals. Soybeans and soybean meal are posting losses, while soybean oil is experiencing gains.
U.S. soy exports for the week ending April 10th were 20.4 mb for 24/25 and another 6.7 mb for 25/26. Shipments were 26.5 mb and above the 12.3 mb needed weekly to reach 1.825 bb.
Soybeans continue to trade lower at midday, heading into the holiday weekend, with additional pressure from escalating tariffs on China and a lack of supportive market fundamentals. U.S. soy exports for the week ending April 10th were 20.4 mb for 24/25 and another 6.7 mb for 25/26. Shipments were 26.5 mb and above the 12.3 mb needed weekly to reach 1.825 bb.Total soy commitments are now 1.719 bb and are up 13% from a year ago.
Weather-related delays are expected to impact planting across the Southeast Midwest and Eastern Bean Belt, with heavy precipitation forecast from this weekend into next week.
Tariff negotiations with China remain ongoing; however, the resilience in soybean prices indicate that market participants are pricing in the potential for a trade resolution.

Wheat futures continue to trade higher at midday, supported by additional fund short covering ahead of the holiday weekend, alongside beneficial rains moving across the U.S.
U.S. wheat export sales for the week ending April 10th were 2.8 mb for 24/25 and 10.1 mb for 25/26. Shipments of 17.8 mb were below the 21.8 mb needed weekly to reach 820 mb.
Total wheat commitments are now 787 mb and are up 14% versus a year ago.
SovEcon this morning raised Russian winter wheat production to 52.2 mt, up from their previous forecast of 50.7. Global wheat production was revised slightly higher as well, up 0.4% to 795.77 mt on higher Australian production.

Lauren VandenLangenberg