Corn prices continue to trend higher at midday, supported by countries showing interest in making tariff agreements.
Yesterday’s Crop Progress report showed corn plantings in the top 18 states at 2% complete, down 1% from last year, but in line with the 5-year average.
IMEA said that the Mato Grosso region’s corn harvest could reach 47 mmt, which is up slightly from last month’s forecast of 46.9 mmt.
Soybeans are building momentum at midday on concerns over a workers strike in Argentina which would affect the countries ports.
According to AgRural, Brazil’s soybean harvest is 87% complete compared to 78% during the same period last year.
IMEA pegs the Mato Grosso area’s soybean harvest at 50.3 mmt, up from their previous estimate of 49.6 mmt.
President Trump has announced he will place another 50% tariff on China if they do not remove their 34% retaliatory tariff.
Wheat prices remain higher at midday, getting support from a recovering macro market and weather concerns this weekend.
Yesterday’s Crop Progress report showed HRW conditions at 43% good-to-excellent, down 9% from last year. SRW conditions were seen at 63% good-to-excellent, down 5% from a year ago.
Agricultural group, Argus, leaves their Ukraine wheat production forecast unchanged from the November estimate at 23.7 mmt.
SovEcon forecasts a sharp decline in Russia’s wheat exports for March. They estimate exports will be 1.9 mmt, down from 4.8 mmt in March of 2024.
Grain Market Insider is provided by Stewart-Peterson Inc., a publishing company.
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