Corn is trading lower to start the day after yesterday it recovered from its lows to post a slight gain. Tariff fears are likely pressuring the market as President Trump said that the tariffs would be on automobiles, chips, and pharmaceuticals, instead of reciprocal tariffs like previously reported.
Yesterday’s export inspections report was good for corn with 1,463k tons inspected which compared to 1,692k the previous week and 1,255k a year ago. Shipments were primarily to Mexico, Japan, and South Korea.
The USDA ag attaché sees Mexican corn imports down in 25/26 as a result of higher domestic production. They see local prices driving a larger planting area.
Soybeans are trading lower this morning following a lower close yesterday. Soybean prices in China have fallen which has hurt US futures, but poor export demand has been bearish as well. Both soybean meal and oil are trading lower as well.
AgRural has cut its estimate for the Brazilian soybean crop to 165.9 mmt on disappointing yields in the South. This is now below the USDA’s estimate of 169 mmt. Harvest in the country is 73.84% complete.
Yesterday’s export inspections were better than expected for soybeans at 822k tons compared with 658k the previous week and 786k tons a year ago. Primary destinations were to China, Egypt, and Japan.
All three wheat classes are trading lower this morning with KC wheat leading the way lower. Crop conditions were mixed while yesterday’s export inspections came in better than expected.
The weekly crop report yesterday showed good to excellent ratings in Kansas improving by 1 point to 49% while in Oklahoma, ratings fell by 9 points to just 37%. Texas improved by 3 points to 31% good to excellent.
Yesterday’s export inspections was good for wheat at 485k tons which compared to 495k last week and 433k tons a year ago. Primary destinations are to the Philippines, Mexico, and Nigeria.
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