Tuesday February 11, 2025

• Wheat is taking the lead on today’s gains, ahead of the USDA report.
  • The Feb WASDE report isn’t expected to be a major market mover; corn carryout is expected to tighten, bean carryout is likely to remain majorly unchanged.  
  • South American production numbers are key to this report, as they continue bean harvest.  Brazil’s bean production is expected to increase, while Argentina’s crop shrinking slightly.  Brazil’s soybean harvest continues to lag behind last year’s pace.
• Export Inspections:
  • Corn shipments were strong last week coming in at 52.5MBU, sitting at 8% ahead of the pace needed to meet expectations.
  • Soybeans were 38.3MBU, 2% ahead of the pace needed to meet expectations.
  • Wheat inspections exceeded expectations at 19.7MBU, now running 2% ahead of the pace needed.
• The projected inflation rate for Brazil over the next year has been revised upward to nearly 6%.
• Trump announced 25% US tariffs on Us imported steel and aluminum on Monday.
• Extreme cold expected in the central plains, see map below.