Corn prices continue to fall at midday on pressure from the implementation of tariffs.
China announced a 15% tariff on U.S. corn in retaliation of the additional 10% tariff the U.S. placed on China.
Yesterday the USDA announced a sale of 114,000 mt of corn to Mexico for delivery in 24/25.
Corn used for ethanol in January totaled 457.4 mb, down 4.6% from December but up 3.7% from January 2024.
Soybean futures continue to trade lower at midday due to the ongoing trade war.
China announced they would impose a 10% tariff on U.S. soybeans in retaliation of the U.S. tariffs on China. The country also announced they would halt soybean imports from U.S. companies, CHS, LDC, and EGT.
Soybean crush for the month of January was seen at 212.6 mb, up 9.4% from January 2024.
Wheat prices, much like the rest of the grain market, are weaker at midday. July Chicago futures look to trade lower for a seventh straight session.
U.S. winter wheat crop conditions have been updated as of March 2. Kansas and Oklahoma saw slight improvements by 4 and 1 points, respectively. Ratings were seen falling for Texas, Montana, Nebraska, and South Dakota.
Russia’s February wheat exports came in at a 1.90 mmt, which is a 5-year low for the month.
Grain Market Insider is provided by Stewart-Peterson Inc., a publishing company.
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