Wednesday February 5, 2025

• The grain market is mostly red this morning.
  • Old crop soybeans have seen over 10 cents in loses. 
  • Wheat is sitting on either side of unchanged. Old crop wheat has slipped back below the $7/bu cash mark.
  • Corn has lost a few cents.
• With the threat of the Trump tariffs on the back burner the grain market posted fresh highs early this morning in the march contracts for corn, soybeans and wheat.
• China was hit with tariffs yesterday as planned. China’s response was muted. The Chinese measures will take effect Feb 10th, targeting about $20 billion worth of American goods. Soybeans and other US agricultural commodities were not among the goods China plans to Tariff.
• The close by soybean contracts broke the 200-day moving average yesterday and closed above it as well.
• Concerns still remain for the slow soybean harvest and delayed corn planting in Brazil.
  • When this is eventually resolved Brazil will be set to produce another massive corn crop.