HAPPY THANKSGIVING FROM ALL OF US AT TOTAL FARM MARKETING!
THURSDAY, NOVEMBER 28: The CME and Total Farm Marketing offices are closed.
FRIDAY, NOVEMBER 29: The CME closes at noon, and Total Farm Marketing closes at 1:00 p.m. (CST).
CORN
- Corn has pulled back at midday as the market digests the news of a potential 25% tariff on imported goods from Mexico.
- The shortened holiday week with December long contracts needing to be offset before tomorrow’s close could lead to some additional pressure on prices this week.
- AgRural estimates that summer corn planting in Brazil has now reached 93%, up 7% from last week.
SOYBEANS
- Soybeans and meal are trading lower at midday after President-elect Trump posted news of a 10% tariff on imported goods from China. This could shift Chinese export demand from the US to South America which would hurt US prices.
- AgRural estimates that soybean planting in Brazil has reached 86%, up 6% from last week.
- South American weather remains favorable for production prospects and will continue to keep upside potential limited.
WHEAT
- All three wheat contracts are trading higher at midday as weather forecasts for the Plains states turn drier over the next 10 days.
- Yesterday’s Crop Progress report showed 97% of the winter wheat crop has been planted with 55% of the crop rated good-to-excellent.
- President-elect Trump shared he would impose an additional 25% tariff on goods imported from Canada, which could limit upside price action.
- SovEcon lowered their 24/25 Russian wheat export forecast from 45.9 mmt to 44.1 mmt.
Author
Tanner Wilson