CORN

• Corn prices are trending higher at midday on some flow over support from yesterday’s export sale of 136,000 mt of corn to unknown destinations.
• ADM has declared force majeure at their Gulf ports in the U.S. due to the historic snowstorm event that blanketed the Southern U.S. with snow.
• There is some uncertainty surrounding the ethanol industry as Secretary of Agriculture Brooke Rollins has been opposed to ethanol mandates and farm subsidies in the past.

SOYBEANS

• Soybeans are trading higher at midday after a sluggish start on news of China suspending soybean imports from Brazil.
• China has suspended soybean imports from Brazil after contamination was found from five shipping firms. Brazil has notified China that they will increase inspections and request the suspensions be lifted.
• There are some concerns around biofuels after the Biden administrations 45z biofuel tax credit was halted by the new administration for 60 days for review.

WHEAT

• Wheat futures are trading higher at midday on drier weather forecasts for the Plains states over the next five days.
• The U.S. attache in Australia left their Australian wheat production number unchanged at 32 mmt, but raised ending stocks 3.112 mmt.
• French dockworkers unions are scheduled to go on strike today which will affect port operations and wheat shipments.

Author

Tanner Wilson