Corn prices are trending higher at midday on some flow over support from yesterday’s export sale of 136,000 mt of corn to unknown destinations.
ADM has declared force majeure at their Gulf ports in the U.S. due to the historic snowstorm event that blanketed the Southern U.S. with snow.
There is some uncertainty surrounding the ethanol industry as Secretary of Agriculture Brooke Rollins has been opposed to ethanol mandates and farm subsidies in the past.
Soybeans are trading higher at midday after a sluggish start on news of China suspending soybean imports from Brazil.
China has suspended soybean imports from Brazil after contamination was found from five shipping firms. Brazil has notified China that they will increase inspections and request the suspensions be lifted.
There are some concerns around biofuels after the Biden administrations 45z biofuel tax credit was halted by the new administration for 60 days for review.
Wheat futures are trading higher at midday on drier weather forecasts for the Plains states over the next five days.
The U.S. attache in Australia left their Australian wheat production number unchanged at 32 mmt, but raised ending stocks 3.112 mmt.
French dockworkers unions are scheduled to go on strike today which will affect port operations and wheat shipments.
Grain Market Insider is provided by Stewart-Peterson Inc., a publishing company.
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