Corn prices continue to build momentum at midday, mostly driven by reciprocal tariffs that will go into effect tomorrow.
Weather concerns could also be adding in premium to the corn market this week. Over the next 5 days, heavy rainfall will stretch across Oklahoma, Arkansas, Illinois, Kentucky, and Indiana, increasing concerns over flooding.
Corn planting in the South is moving along rapidly. Louisiana jumped 20% to 81% complete. Texas planting progress jumped 10% from last week to 55% complete. Mississippi and Arkansas sit at 30% and 22% planted, respectively.
Soybean futures remain firm at midday, supported by yesterday’s report showing lower soybean acres in the U.S.
Agricultural Secretary, Brooke Rollins, announced that the USDA will be releasing more than $500 million to fund expansions in biofuel infrastructure across the country.
February Crush data will be released later today. Trade analysts see crush for the month at 188.7 mb. If realized, February crush would be down 11.2% from January and 2.4% from last year.
Wheat prices trend higher at midday on global production cuts and lower anticipated wheat acres.
Yesterday’s wheat conditions report showed Kansas unchanged from the week prior while Oklahoma and Texas fell 4% and 5% respectively. Nebraska improved 11% thanks to some beneficial rainfall.
Agricultural group, Argus, dropped their Russian wheat output to 80.3 mmt from 81.5 mmt in their last forecast.
Grain Market Insider is provided by Stewart-Peterson Inc., a publishing company.
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