Corn remains firm at midday on flow over support from yesterday’s export inspections as well as South Korea purchasing 132,000 mt of US corn this morning.
President Trump is being pressured to delay the gasoline shift policy which would boost ethanol consumption due to concerns over infrastructure being installed in time.
The USDA Attache estimates Argentina’s corn ending stocks at 4.245 mmt which would be 4.1% higher than the USDA’s estimate of 2.794 mmt.
South Africa forecasts their corn planted area will reach 2.65 million hectares which is just above 2024’s planted area of 2.64 million hectares.
Soybean prices are following the rest of the grain market higher at midday while receiving additional support from slow harvest pace in South America.
Brazil’s soybean harvest continues at its slowest pace since the 20/21 season. AgRural reported harvest is just 3.9% complete.
Argentina rolled out a new tax structure for farmers in hopes to pick up selling of on farm stored soybeans. Argentine farmers can sell up to 5 mmt of soybeans in US dollars and then liquidate the foreign currency within 15 days of the sale to capture the tax cut.
Wheat is higher at midday on potential rainfall moving East instead of impacting the key growing areas.
SovEcon’s Russian wheat export estimate for January is 2.1 mmt which would be the lowest January export total since 2017.
The USDA Attache has raised Argentina’s wheat ending stocks estimate to 4.093 mmt. This compares to the USDA’s 3.497 mmt estimate.
Grain Market Insider is provided by Stewart-Peterson Inc., a publishing company.
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