CORN
- Corn remains firm at midday on flow over support from yesterday’s export inspections as well as South Korea purchasing 132,000 mt of US corn this morning.
- President Trump is being pressured to delay the gasoline shift policy which would boost ethanol consumption due to concerns over infrastructure being installed in time.
- The USDA Attache estimates Argentina’s corn ending stocks at 4.245 mmt which would be 4.1% higher than the USDA’s estimate of 2.794 mmt.
- South Africa forecasts their corn planted area will reach 2.65 million hectares which is just above 2024’s planted area of 2.64 million hectares.
SOYBEANS
- Soybean prices are following the rest of the grain market higher at midday while receiving additional support from slow harvest pace in South America.
- Brazil’s soybean harvest continues at its slowest pace since the 20/21 season. AgRural reported harvest is just 3.9% complete.
- Argentina rolled out a new tax structure for farmers in hopes to pick up selling of on farm stored soybeans. Argentine farmers can sell up to 5 mmt of soybeans in US dollars and then liquidate the foreign currency within 15 days of the sale to capture the tax cut.
WHEAT
- Wheat is higher at midday on potential rainfall moving East instead of impacting the key growing areas.
- SovEcon’s Russian wheat export estimate for January is 2.1 mmt which would be the lowest January export total since 2017.
- The USDA Attache has raised Argentina’s wheat ending stocks estimate to 4.093 mmt. This compares to the USDA’s 3.497 mmt estimate.