Corn futures are under pressure to start the week as upcoming cooler temperatures across the Corn Belt are seen as beneficial for crop development.
On Monday morning, the USDA reported private export sales of 229,000 metric tons (MT) of corn to undisclosed destinations. This includes 35,000 MT for delivery in the 2024-25 marketing year and 194,000 MT for the 2025-26 marketing year. Additionally, 225,000 MT of corn was sold to Mexico for delivery in the 2025-26 marketing year.
The U.S. and EU reached a weekend trade deal reducing import tariffs to 15%, though specific details on agricultural commodity commitments remain unclear.
Soybean futures are under pressure again to start the week, as forecasts for cooler weather and adequate soil moisture are seen as favorable for crop development.
Argentina officially lowered export taxes over the weekend, increasing competition for U.S. soy and soy product exports. Soybean export taxes dropped from 33% to 26%, while taxes on soymeal and soyoil fell to 24.5% from 31%.
Traders are watching closely as U.S. and Chinese trade officials meet Monday and Tuesday in Sweden, with hopes that the talks will yield positive developments.
Wheat futures are slightly lower to start the week
The U.S. Dollar index is higher to start the week after it was announced over the weekend that the EU and U.S. had reached a trade deal.
While overall spring wheat ratings lag last year due to drought in the Pacific Northwest, production in North Dakota — and especially Minnesota — looks strong. The Wheat Quality Council tour pegged average yield about 4.5 bushels per acre above the 5-year average.
Grain Market Insider is provided by Stewart-Peterson Inc., a publishing company.
Futures and options trading involve significant risk of loss and may not be suitable for everyone. Therefore, carefully consider whether such trading is suitable for you in light of your financial condition. The data contained herein is believed to be drawn from reliable sources but cannot be guaranteed. This material has been prepared by a sales or trading employee or agent of Total Farm Marketing by Stewart-Peterson and is, or is in the nature of, a solicitation. Any decisions you may make to buy, sell or hold a futures or options position on such research are entirely your own and not in any way deemed to be endorsed by or attributed to Stewart-Peterson Inc. Reproduction of this information without prior written permission is prohibited. Hypothetical performance results have many inherent limitations. No representation is being made that any account will or is likely to achieve profits or losses similar to those shown. The data contained herein is believed to be drawn from reliable sources but cannot be guaranteed. Reproduction and distribution of this information without prior written permission is prohibited. This material has been prepared by a sales or trading employee or agent of Total Farm Marketing and is, or is in the nature of, a solicitation. Any decisions you may make to buy, sell or hold a position on such research are entirely your own and not in any way deemed to be endorsed by or attributed to Total Farm Marketing.
Stewart-Peterson Inc., Stewart-Peterson Group Inc., and SP Risk Services LLC are each part of the family of companies within Total Farm Marketing (TFM). Stewart-Peterson Inc. is a publishing company. Stewart-Peterson Group Inc. is registered with the Commodity Futures Trading Commission (CFTC) as an introducing broker and is a member of National Futures Association. SP Risk Services LLC is an insurance agency. A customer may have relationships with any or all three companies.
