CORN

• Corn prices shift higher at midday on support from tariff delays for Mexico and Canada.
• The US Census Bureau estimated January corn exports at a new record high of 243 mb.
• January ethanol exports came in at 195 million gallons, up 32% from the same month last year.
• Brazil’s corn exports are seen reaching 337,635 mmt during March compared to 140,561 during March 2024.

SOYBEANS

• Soybean futures look to rebound at midday as the market digests the news of tariff delays for USMCA goods.
• The US Census Bureau estimated January soybean exports at 191 mb, down from 219 mb in January 2024.
• China’s combined soybean imports for January and February rose 4.4% to 13.61 mmt. Imports are now expected to slow down this month with the trade war starting.
• Brazil’s soybean exports are seen reaching 14.8 mmt in March compared to 13.5 mmt during the same period last year. Brazil is expected to take a large share of export business away from the US as the ongoing tariff situation is still a cause for concern.

WHEAT

• Wheat prices remain weak at midday on rainfall across key growing parts of the US and rising global production estimates.
• The US Census Bureau placed January wheat exports at 49 mb, down from 55 mb in January 2024.
• US winter wheat under drought conditions climbed 2% from last week to 24%. This also compares to 15% this same time last year.
• The Russian Ag Ministry said they could limit wheat exports if the winter wheat crop isn’t sufficient.

Author

Tanner Wilson