Friday February 7, 2025

• Corn, soybeans, and wheat trading lower this morning. 
• Wheat made a move higher yesterday as futures surged above the 100-day moving average. The move looked a lot like short covering, a likely reaction to the dry conditions in Russia.
• Mexico has officially removed restrictions on imports of GMO corn. The county previously tried to ban GMO corn imports for human, livestock, and industrial uses, the newest policy only restricted imports intended for human consumption. 
• Export Sales
  • Corn sales came in at the top of expectations. Mexico and Japan were the largest buyers for the week. Sales are up 28% compared to the same time last year. 
  • Beans sales met expectations. China and Netherlands were the largest buyers for the week. Sales are up 12% compared to the same time last year. 
  • Wheat sales were within range for the week. Sales are up 7.7% compared to the same time last year. 
• The February USDA report will be released next Tuesday at Noon