TFM Morning Update 04-28-2025

CORN

Corn futures are trading lower this morning with futures dropping down to the 100-day moving average which has acted as support. Traders likely anticipate a big jump in planting progress in the report later today.
Japan is reportedly considering purchasing more US corn as part of the trade negotiations with President Trump. While there has been an 80% decline in corn exports to China, other countries have picked up the slack keeping demand firm.
Friday’s CFTC report saw funds as sellers of corn as of April 22. They sold 11,768 contracts which decreased their net long position to 112,805 contracts.

Soybeans are trading lower as well to start the day along with the entire grain complex. The dollar is trading slightly higher, but pressure is likely coming from the fast planting pace. Both soybean meal and oil are trading lower.
The US dollar fell by 3% last week which impacted soybean trades in South America as US soybeans became relatively cheaper. This caused spot prices to decline both in South American and the US.
Friday’s CFTC report saw funds as buyers of soybeans by 4,898 contracts increasing their net long position to 31,067 contracts. They were buyers of 9,940 contracts of bean oil and sellers of 3,911 contracts of meal.

All three wheat classes are trading lower to start the day with KC wheat making new contract lows this morning. Kansas received rain last week, and more rain is forecast next weekend in Texas, Oklahoma, and Kansas.
Friday’s CFTC report saw funds as buyers of Chicago wheat by 6,510 contracts which left them short 89,929 contracts. They were sellers of KC wheat by 9,252 contracts which increased their short position to 56,624 contracts.
In Ukraine, planting pace for wheat has slowed by 17% as a result of cold weather compared to last year at this time.

Amanda Brill