Corn prices shift higher at midday on support from tariff delays for Mexico and Canada.
The US Census Bureau estimated January corn exports at a new record high of 243 mb.
January ethanol exports came in at 195 million gallons, up 32% from the same month last year.
Brazil’s corn exports are seen reaching 337,635 mmt during March compared to 140,561 during March 2024.
Soybean futures look to rebound at midday as the market digests the news of tariff delays for USMCA goods.
The US Census Bureau estimated January soybean exports at 191 mb, down from 219 mb in January 2024.
China’s combined soybean imports for January and February rose 4.4% to 13.61 mmt. Imports are now expected to slow down this month with the trade war starting.
Brazil’s soybean exports are seen reaching 14.8 mmt in March compared to 13.5 mmt during the same period last year. Brazil is expected to take a large share of export business away from the US as the ongoing tariff situation is still a cause for concern.
Wheat prices remain weak at midday on rainfall across key growing parts of the US and rising global production estimates.
The US Census Bureau placed January wheat exports at 49 mb, down from 55 mb in January 2024.
US winter wheat under drought conditions climbed 2% from last week to 24%. This also compares to 15% this same time last year.
The Russian Ag Ministry said they could limit wheat exports if the winter wheat crop isn’t sufficient.
Grain Market Insider is provided by Stewart-Peterson Inc., a publishing company.
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