|
The tariff story moved to the background today with negotiations ongoing but no updates or specifics revealed between the US and a number of nations. Trump ordered a partial reprieve for some electronics imported from China as an opening negotiating move. Volatility risk is still there, but I think to a degree, we will start to see the market start to get headline fatigue, like we saw with Russia/Ukraine headlines.
Private exporters reported flash sales of 120,000mt of corn for delivery to Japan for 2024/2025. Today's export inspections report showed that corn and wheat exports exceeded expectations, while soybeans were within estimate ranges. Marketing year wheat export inspections to date exceed the seasonal pace needed to hit USDA's target by 7 million bushels, up from 2 million the previous week. Marketing year to date soybean export inspections exceed the seasonal pace needed to hit USDA's target by 98 million bushels, up from 94 million bushels the previous week. Marketing year to date corn export inspections exceed the seasonal pace needed to hit USDA's newly revised target by 176 million bushels, up from 159 million bushels the previous week.
The Central and Southern Plains remained dry over the weekend which is favorable for planting, but still causes concern for winter wheat development considering the higher temperatures as well. This region should see some showers throughout the week and next putting some pressure on prices.
For corn & soybeans, there are warm and dry conditions prevailing, and most of the Midwest should see very little planting hindrance in the next 5 days. The 6-15 forecast brings in broad corn/soy belt rains, but their timing is unknown for the moment.
Today's crop progress report showed that winter wheat is rated 47% good/excellent. (48% LW, 55% LY, 45% Avg). US fieldwork was quite active in most of the Midwest over the last 5 days, but the NASS report showed that corn is 4% planted (2% LW, 6% LY, 5% Avg), and soybeans are 2% planted (3% LY, 2% Avg).
| 
