Corn prices continue to decline midday, driven by growing concerns over tariffs.
Argentina’s weather is expected to improve next week, with potential rainfall in the forecast. This could help stabilize crop conditions in some of the drier areas.
Despite the forecast the Buenos Aries Exchange lowered Argentine’s corn good/excellent crop conditions to 28% down from 30% last week.
President Trump confirmed that a 25% tariff will be imposed on Mexico, the U.S.’s largest corn buyer. In response, Mexico is likely to retaliate, with agricultural products potentially being included in those countermeasures.
Soybeans are trading higher at midday, influenced by the upcoming weather in South America and the tariffs set to take effect this weekend. Both soybeans and soybean oil are seeing gains, while soybean meal is trading lower.
The Buenos Aries Grain Exchange lowered Argentina’s good/excellent soybean crop conditions to 20%, down 2% from last week.
Heavy rain showers in central Brazil continue to disrupt soybean harvests. As the crop remains in the field longer, concerns about quality are growing, along with transportation challenges.
Analyst expected U.S. soybean crush to have reached a record in December at 217.6 mb, ahead of Mondays USDA’s monthly Grain Crushing’s report.
Wheat prices continue to decline at midday, pressured by a strong U.S. dollar and escalating tariff concerns.
The wheat markets are struggling to gain momentum, hindered by stiff export competition and a strong U.S. dollar, which is making U.S. grain more expensive compared to other global producers.
Dry weather conditions are causing tightening Black Sea supply, a situation that is likely to provide underlying support on breaks.
India’s wheat crop is now on the radar as temperatures in January have been hotter than expected and more of the warm weather is expected for February, which could lead to crop stress.
Grain Market Insider is provided by Stewart-Peterson Inc., a publishing company.
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