Corn is slightly lower to start Wednesday after strong buying interest pushed prices above their recent highs yesterday.
Warmer and drier conditions in Brazil’s major crop producing regions of the north will be welcome over the coming weeks. Wet weather recently has delayed soybean harvest and the second crop corn planting that follows.
Weekly export inspections for corn were strong last week coming in at 60.7 mb, brining total inspections 31% ahead of last year.
Soybeans are trading lower this morning after a strong 30+ cent rally yesterday drove March soybean futures to their highest level since early October.
The slow start to soybean harvest in Brazil and the lack of more tariffs with the new Trump administration may lead to China buying more US soybeans in the short term.
If recent weather model runs hold true, a pattern change for Argentina and southern Brazil to more frequent moisture and less intense heat could be underway as the calendar flips over to February.
Wheat is near unchanged to slightly lower to start Wednesday after posting strong double-digit gains on Tuesday.
A falling US dollar index and freeze loss potential in Russia and the US Plains rallied wheat futures yesterday as KC futures posted their strongest daily gain since May of 2024.
With managed money funds heavily net short the wheat complex some profit taking and position squaring given the recent rallies in both corn and soybeans is likely.
Grain Market Insider is provided by Stewart-Peterson Inc., a publishing company.
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