4/21/2025 8:00 am
Good progress was made in the WCB before the rains showed up. Will be knocked out of the fields for a little while now. ECB remains on the slower side but time yet to catch up.
Traders expect the US corn and soybean planting progress to run below the 5 year avg of 10% on corn and 7% on soybeans nationally. WCB made good progress before the rains moved in. 1-3 inches of rain is expected across the WCB this week.
US grains and oilseeds were higher overnight after the USTR released their 301 update Thursday afternoon regarding tariffs on Chinese shipping. The US ag industry breathed a sign of relief as there was a carve out for US ag products hauled by bulk grain carriers. The tax on other vessels/cargoes start October 14th so there is time for negotiations, giving the market some hope.
US dollar down sharply on concerns President Trump is trying to push Fed Chairman Powell out of his position early. Energies and US equity markets lower this morning.
Friday's CFTC report showed the funds adding back longs in corn and soybeans while trimming slightly their shorts in wheat.
3/11/2025