CORN

• Corn prices continue to fall at midday on pressure from the implementation of tariffs.
• China announced a 15% tariff on U.S. corn in retaliation of the additional 10% tariff the U.S. placed on China.
• Yesterday the USDA announced a sale of 114,000 mt of corn to Mexico for delivery in 24/25.
• Corn used for ethanol in January totaled 457.4 mb, down 4.6% from December but up 3.7% from January 2024.

SOYBEANS

• Soybean futures continue to trade lower at midday due to the ongoing trade war.
• China announced they would impose a 10% tariff on U.S. soybeans in retaliation of the U.S. tariffs on China. The country also announced they would halt soybean imports from U.S. companies, CHS, LDC, and EGT.
• Soybean crush for the month of January was seen at 212.6 mb, up 9.4% from January 2024.

WHEAT

• Wheat prices, much like the rest of the grain market, are weaker at midday. July Chicago futures look to trade lower for a seventh straight session.
• U.S. winter wheat crop conditions have been updated as of March 2. Kansas and Oklahoma saw slight improvements by 4 and 1 points, respectively. Ratings were seen falling for Texas, Montana, Nebraska, and South Dakota.
• Russia’s February wheat exports came in at a 1.90 mmt, which is a 5-year low for the month.

Author

Lauren VandenLangenberg