4.5 million bushels of corn to our pals directly south...
"Private exporters reported sales of 114,000 metric tons of corn for delivery to Mexico during the 2024/2025 marketing year"
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Back to ReportsAt the pause...
The deeper we go into the day without a deal to avoid tariffs, the worse this hole likely gets. We do expect deals to get struck though
May CORN: down 3 cents to $4.66½
May SOYBEANS: down 3¾ cents to $10.22
May WHEAT: up 1¾ cents to $5.57½
Weather risk is the biggest hope for a price rebound from the latest selloffs, though U.S. corn prices are again sitting at a competitive level. We fully expect news today of some sort of deal or progress announcement between the U.S. and both Canada and Mexico to avoid tariffs
Most heavily traded grain contracts at settlement...
The only things worth having right now are patience and some downside protection in the hedge account...
May CORN: down 11½ cents to $4.69½
May SOYBEANS: down 11½ cents to $10.25¾
May WHEAT: down 6¾ cents to $5.55¾
May corn got to within 5 cents of giving up every penny of the rally sparked by the January USDA report. We used that rally to make some great old and new crop sales and now we like the upside to take advantage again from here
4.1 million bushels of soybeans for soybean oil sold to unknown destinations. "Private exporters reported sales of 20,000 metric tons of soybean oil for delivery to unknown destinations during the 2024/2025 marketing year."
At the pause...
Perhaps this latest correction was a little overdone. Let's see if this holds up through the day...
May CORN: up 1¾ cents to $4.82¾
May SOYBEANS: up 5 cents to $10.42¼
May WHEAT: up 6¾ cents to $5.69¼
I fully understand that the markets have to account for Canada and Mexico tariffs to take effect and the reactive measure to stop buying U.S. ag. Ultimately though, Canada and Mexico are desperate to avoid the tariffs from taking effect so expect resolution not implementation
