CORN

• Corn prices continue to trend higher at midday, supported by countries showing interest in making tariff agreements.
• Yesterday’s Crop Progress report showed corn plantings in the top 18 states at 2% complete, down 1% from last year, but in line with the 5-year average.
• IMEA said that the Mato Grosso region’s corn harvest could reach 47 mmt, which is up slightly from last month’s forecast of 46.9 mmt.

SOYBEANS

• Soybeans are building momentum at midday on concerns over a workers strike in Argentina which would affect the countries ports.
• According to AgRural, Brazil’s soybean harvest is 87% complete compared to 78% during the same period last year.
• IMEA pegs the Mato Grosso area’s soybean harvest at 50.3 mmt, up from their previous estimate of 49.6 mmt.
• President Trump has announced he will place another 50% tariff on China if they do not remove their 34% retaliatory tariff.

WHEAT

• Wheat prices remain higher at midday, getting support from a recovering macro market and weather concerns this weekend.
• Yesterday’s Crop Progress report showed HRW conditions at 43% good-to-excellent, down 9% from last year. SRW conditions were seen at 63% good-to-excellent, down 5% from a year ago.
• Agricultural group, Argus, leaves their Ukraine wheat production forecast unchanged from the November estimate at 23.7 mmt.
• SovEcon forecasts a sharp decline in Russia’s wheat exports for March. They estimate exports will be 1.9 mmt, down from 4.8 mmt in March of 2024.

Author

Tanner Wilson