Both offices will be closed Monday Feb 17th for Presidents day!  

We are offering Free DP for Soybeans.  Off farm bushels only at this time

  

Feb 10, 2025

 

Corn is positive on the day up 4, and showing some resilience above $5 for May-CK25 and July-CN25; beans are unchanged

 

USDA is set to release the latest WASDE report tomorrow at 11am CST.

 

Average market estimates for ending stocks are:

• Wheat: 0.799 bbu versus 0.798 bbu in January
• Corn: 1.526 bbu versus 1.54 bbu in January
• Soybeans: 0.374 bbu versus 0.380 bbu in January

 

The market expects some downward revision for Argentina corn and soybean production in tomorrow's report.

 

In January, USDA pegged Argentina production at 52 mmt for soybeans, and 51 mmt for corn.

 

Private analysts and Argentine organizations have already revised production lower.

 

Temperatures across the Midwest fall below normal in the coming days with some areas seeing temps fall into the negative.

 

Snow is expected in the corn belt beginning Tuesday and into Wednesday, with at least 3-6" expected in a wide swath of the central belt.

 

Private exporters reported sales of 365,000 mt of corn received in the reporting period for delivery to Mexico during the 2024/25 marketing year.

 

Funds continue to add to their long corn position which now sits at long +364k lots, 4% growth in their long position week-over-week.

 

The net long soybean position was mostly unchanged at long +57k lots.

 

Brazil soybean exports in January 2025 were 62% lower than January 2024 according to Brazil's Trade Ministry.

 

High freight rates and difficult logistics due to heavy rain have kept beans from market.

 

Brazil agriculture consultancy Pátria AgroNegócios on Friday estimated 17% of soybeans harvested versus 24% in the same period last year, and 21% average.

 

Export inspections were on the high end of expectations for corn and soybeans at 52.53 mbu and 38.29 mbu.

 

Inspections for wheat came in above expectations at 19.7 mbu.

 

Inspections for corn and soybeans are 34% and 14% ahead of last year with 29 weeks remaining in the crop year; wheat inspections are 24% ahead of last year with 16 weeks remaining.

 

Crude oil futures are finding support at the 100-day moving average after declining since the middle of January.

 

March crude oil futures are around $72/barrell, up $1+ on the day.

 

According to the AP "President Donald Trump said he will announce on Monday that the United States will impose 25% tariffs on all steel and aluminum imports, including from Canada and Mexico, as well as other import duties later in the week."

 

Equity markets are taking the news in stride, with all major indexes trading in the green this morning.

Delivery Start	Delivery End	Cash Price	Basis	Futures Price	Futures Change
CORN
SOYBEANS

Delivery Start	Delivery End	Cash Price	Basis	Futures Price	Futures Change
CORN
SOYBEANS
WHEAT

We are offering Free DP for Soybeans.  Off farm bushels only at this time

  

Feb 10, 2025  

Corn is positive on the day up 4, and showing some resilience above $5 for May-CK25 and July-CN25; beans are unchanged

 

USDA is set to release the latest WASDE report tomorrow at 11am CST.

 

Average market estimates for ending stocks are:

• Wheat: 0.799 bbu versus 0.798 bbu in January
• Corn: 1.526 bbu versus 1.54 bbu in January
• Soybeans: 0.374 bbu versus 0.380 bbu in January

 

The market expects some downward revision for Argentina corn and soybean production in tomorrow's report.

 

In January, USDA pegged Argentina production at 52 mmt for soybeans, and 51 mmt for corn.

 

Private analysts and Argentine organizations have already revised production lower.

 

Temperatures across the Midwest fall below normal in the coming days with some areas seeing temps fall into the negative.

 

Snow is expected in the corn belt beginning Tuesday and into Wednesday, with at least 3-6" expected in a wide swath of the central belt.

 

Private exporters reported sales of 365,000 mt of corn received in the reporting period for delivery to Mexico during the 2024/25 marketing year.

 

Funds continue to add to their long corn position which now sits at long +364k lots, 4% growth in their long position week-over-week.

 

The net long soybean position was mostly unchanged at long +57k lots.

 

Brazil soybean exports in January 2025 were 62% lower than January 2024 according to Brazil's Trade Ministry.

 

High freight rates and difficult logistics due to heavy rain have kept beans from market.

 

Brazil agriculture consultancy Pátria AgroNegócios on Friday estimated 17% of soybeans harvested versus 24% in the same period last year, and 21% average.

 

Export inspections were on the high end of expectations for corn and soybeans at 52.53 mbu and 38.29 mbu.

 

Inspections for wheat came in above expectations at 19.7 mbu.

 

Inspections for corn and soybeans are 34% and 14% ahead of last year with 29 weeks remaining in the crop year; wheat inspections are 24% ahead of last year with 16 weeks remaining.

 

Crude oil futures are finding support at the 100-day moving average after declining since the middle of January.

 

March crude oil futures are around $72/barrell, up $1+ on the day.

 

According to the AP "President Donald Trump said he will announce on Monday that the United States will impose 25% tariffs on all steel and aluminum imports, including from Canada and Mexico, as well as other import duties later in the week."

 

Equity markets are taking the news in stride, with all major indexes trading in the green this morning.

 

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