TFM Midday Update 2-13-2025

The CME and Total Farm Marketing offices will be closed Monday, February 17, in observance of Presidents Day

CORN

Corn prices have rebounded at midday on strong export sales results and slow harvest pace in Brazil.
Weekly corn export sales came in above trade expectations at 79 mb. Year-to-date commitments total 1.827 bb which is up 28% from the same week last year.
Conab raised their corn production estimate for Brazil from 119.55 mt in January to 122.01 in February.
The Rosario Grain Exchange lowered corn production estimate for Argentina by 2 mmt to 46 mmt.

Soybean prices remain softer at midday on a combination of poor export sales and lowered production estimates for South America.
Weekly soybean export sales came in below trade expectations at 8 mb. Year-to-date commitments total 1.589 bb which are 12% higher than a year ago.
Conab lowered their Brazil soybean production estimate from 166.32 mmt last month to 166.01 mmt this month.
Brazil’s harvest is reportedly just 15% complete compared to 21% done for the same time last year.
The Rosario Grain Exchange lowered their Argentina soybean production number to 47.5 mmt, which is below the USDA’s 49 mmt estimate.

Wheat prices continue slightly higher at midday on strong export sales results.
Weekly wheat export sales came in at 22 mb which were in line with expectations. Year-to-date commitments total 704 mb, up 9% from last year.
Yesterday President Trump and Russia’s Putin agreed to have talks on ending the war in Ukraine.
Conab has raised their wheat crop estimate from 8.06 mmt last month to 9.11 mmt this morning.
Strategie grains raised their EU SRW production estimate slightly to 127.7 mmt, up from 127.2 mmt in their last forecast.

Tanner Wilson