Tuesday February 4, 2025

• Corn markets start the day off in the green, while beans and wheat trade in the red.
  • Markets fell on Sunday night but by mid morning Monday they quickly rose and closed higher after Trump and Mexico’s President had spoken. 
  • Soybean futures reversed and closed high following corn. 
• The USDA rated Kansas winter wheat at 50% good/excellent this month, up from 47% in January. 
• SovEcon raised their 2025/26 Russian wheat export estimate from 36.4 to 38.3mmt this morning. 
• StoneX Brazil yesterday cut their 2024/2025 soybean production estimates from 171.4 to 170.9mmt, due to a slight reduction in yield. First crop corn output and second crop production both saw in increase due to increased yield. (See Brazil Soybean Production image below)
• The Tariff talk once again…
  • President Trump will temporarily suspend tariffs on Mexican imports for the next month. The Mexico president will deploy 10,000 national guards to the border to avoid drug trafficking’s to the US, Trump has committed to working to avoid the trafficking’s of high powered weapons to Mexico.
  • President Trump will also temporarily suspend tariffs on Canadian imports for the next 30days. Trump and Trudeau planned to delay the 25% tariffs, Canada agreed to spend $1.3 billion to strengthen its border. 
  • Tariff’s on imported Chinese goods is still set to take effect today. China has announced retaliatory tariffs on the U.S., a 15% on U.S. LNG, coal, and 10% on crude oil, farm, equipment, and some automobiles. 
• Corn, beans, and wheat export inspections all came within trade expectations. Corn is running 7% ahead of the USDA targets. Soybean exports were up week/week, but again were steady over the past few weeks.