TFM Midday Update 01-21-2025

CORN

  • Corn trends higher at midday on tariff delays and a lower dollar which could help to keep export business positive.
  • CFTC data from Friday showed funds hold their largest net long position in 2 years at just under 300,000 contracts.
  • AgRural has said that safrina corn planting in the central-southern region of Argentina is just 0.3% complete. This compares to 4.91% last year.

SOYBEANS

  • Soybeans continue to firm at midday on Trump’s decision to delay tariffs and light rainfall in Argentina over the weekend.
  • President Trump has mentioned he will limit used cooking oil imports from China which has given the soy complex a positive boost.
  • AgRural says harvest in the Mato Grosso area is at its slowest pace since the 2010 timeframe, but drier conditions could help to speed things up.

WHEAT

  • The wheat market is higher at midday on extreme cold temperatures across the Plains states and a lower US dollar.
  • IKAR says Russian wheat prices have fallen $3/MT to $234/MT. President Putin has also mentioned he is ready to talk with President Trump about the ongoing war with Ukraine.
  • Interfax reported that Ukraine’s grain and oilseed exports have risen since July to 24.19 mmt which is 2 mmt higher than a year ago.

Author

Tanner Wilson

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