Corn futures are trading slightly higher heading into the weekend with the December contract looking to have found some support near the $4.10 level.
Yesterday, President Trump increased tariffs on Canada to 35% from 25%, and the new rates go into effect today. The president raised tariffs on 90 other countries yesterday as well.
Yesterday’s export sales report saw corn sales at a very strong 2,233k tons which compared to 1,377k last week and 879k a year ago. Top buyers were unknown, South Korea, and Mexico.
Soybeans are trading lower to start the day and have likely been pressured by the tariff increase announcement on nearly all trading partners. Soybean meal is once again higher while bean oil is lower.
Soybeans have closed lower in six of the last seven sessions, as traders grow increasingly concerned that the upcoming August WASDE report could show higher-than-expected yields. A larger crop, combined with weak export demand, raises the risk of a heavier carryout.
Yesterday’s export sales report saw soybean sales at 779k tons which compared to 400k last week and 1,009k a year ago. Top destinations were to Mexico, unknown, and Egypt.
All three wheat classes are trading lower this morning. The higher dollar index, along with the tariff announcement, has pressured grains, but wheat is hovering near support.
In Argentina, recent rains have improved soil moisture reserves in wheat growing areas, and now nearly all of the planted area is in normal to optimal condition. 98.3% of the wheat crop has been planted.
Yesterday’s export sales report saw wheat sales decent at 630k tons which compared to 712k last week and 287k a year ago. Top buyers were unknown, the Philippines, and Ecuador.
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