Corn futures are getting some support from the wheat market at midday as prices start to turn higher. Flooding concerns across the southern half of the Midwest and the Delta could slow planting progress down, which will be viewed as supportive for prices as well.
Weekly corn exports were in line with trade expectations at 53 mb. Year-to-date commitments total 2.135 billion bushels, up 24% from last year.
Sweeping tariffs turned the corn market bearish overnight but concerns have been limited as Mexico and Canada will still receive exemptions due to the USMCA agreement.
Soybeans remain weaker at midday after yesterday’s newly added tariffs which brings concerns over China’s import business from the US. The new levy is now up to 54% for Chinese imports which could certainly sideline business from the country for the foreseeable future.
Weekly soybean exports came in at 15 mb, which was on the low end of expectations. Year-to-date commitments total 1.696 billion bushels, up 14% from a year ago.
The USDA Attache in Mexico reported that increased demand for meal and oil could raise Mexico’s soybean imports from the US by 1%.
Wheat prices have erased double-digit losses from this morning, now trading unchanged or slightly higher at midday, supported by the dollar falling.
Weekly wheat exports totaled 16 mb, which was in line with trade expectations. Year-to-date commitments sit at 780 mb, which is up 13% from last year.
The USDA Attache in India says that total wheat production in the country for the 25/26 season could reach a record 115 mmt.
Grain Market Insider is provided by Stewart-Peterson Inc., a publishing company.
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