Corn prices are trading lower at midday, with yesterday’s rally fading quickly. Prices have dipped back to this week’s lows, and the market remains volatile as traders await the USDA’s Prospective Plantings report, set for release on March 31. Uncertainty surrounding tariffs continues to add pressure, keeping the market on edge.
USDA confirms the US export sales of 218,604 tons of corn for delivery to an unknown destination in 24/25.
The corn market faced additional pressure yesterday following rumors that China was set to purchase a significant volume of Brazilian corn cargoes, which is somewhat unusual for this time of year.
The U.S. and safrinha corn crops will play a crucial role in global supplies later this year, and any signs of weather-related issues could trigger significant market reactions.
Soybean prices are turning higher at midday as the Brazil harvest progresses, and concerns over U.S. spring weather remain premature. While soybean meal is trading lower, soybean oil is experiencing gains at this time.
USDA confirms the US export sales of 20,000 tons of soyoil for delivery to an unknown destination in 24/25.
Soybean market pressure has returned following the cancellation of the oilseed workers’ strike in Argentina. The cancellation was because of government meeting earlier in the week.
U.S. tariffs have led to Brazilian soybean premiums rising due to strong demand from China, which has also provided some support to U.S. prices.
The Rosario Grain Exchange has reduced its outlook for Argentina’s 24/25 soybean crop, dropping its estimate to 46.5 mmt from 47.5 mmt previously.
Wheat prices are trending lower this morning across all three classes, with wheat futures pulling back after stronger-than-expected weekly export sales were released yesterday.
Some beneficial moisture is expected in the Northeast Plains and Eastern Midwest over the next week, easing weather concerns in parts of the U.S. However, the Western and Southern Plains remain dry.
The U.S. winter wheat area experiencing drought increased by 3% this week, reaching 27%, compared to 14% last year. Meanwhile, U.S. spring wheat under drought has risen to 39%.
French SRW conditions for the week remain unchanged at 74% good/excellent.
Grain Market Insider is provided by Stewart-Peterson Inc., a publishing company.
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