CORN

• Corn prices continue to struggle at midday amid the proposed tariffs for Mexico and Canada which are scheduled to start on March 4.
• AgRural estimates that Brazil’s safrina corn crop is 64% planted, compared to 73% planted at this time last year.
• AgroConsult estimates Ukraine’s corn production could reach 30.5 mmt this year, up 17% year-over-year.

SOYBEANS

• Soybean prices remain mostly weaker at midday on beneficial rainfalls slated for Brazil this week which will help to improve crop conditions.
• AgRural lowered their forecast for Brazil’s soybean production from 171 mmt to 168.2 mmt.
• Brazil has made a push on harvest pace which now stands at 39% complete, compared to 40% done this time last year.

WHEAT

• Wheat prices are softer at midday on increasing rainfall chances across the plains states, specifically in Kansas
• The USDA’s state condition report showed Oklahoma winter wheat conditions declining 6% to 34% good-to-excellent. Texas improved 4% to 37% good-to-excellent.
• SovEcon estimates Russia’s wheat exports for February could total just 2 mmt which is down from 4.1 mmt from February 2024.

Author

Tanner Wilson