Friday May 2, 2025

• Grains are in the green today with the potential of US-Chinese tensions “thawing”.
  • Wheat is leading the rebound.
  •  Soybeans seem to be aided by some technical support.
  • 2024/2025 corn ending stocks continue to slide due to strong foreign and domestic demand.
• US Export Sales
  • All export sales were within the USDA expectations. Right now corn, soybeans and wheat are all running 2% ahead of the needed pace.
  • China was the largest soybean buyer this week and Mexico was the largest corn buyer. 
• Crush Report: The USDA released the March crush report yesterday. Total soybean crush for March was 206.6mbu up from Februarys 189mbu and last years 203.5mbu. 
• Argentina Crop Conditions continue to be favourable, 39% of beans and 38% of corn are rated good/excellent. Bean harvest is on pace and corn harvest is well ahead of the average pace with the crop over 30% harvested. 
• USDA Drought Monitor: Conditions across the corn belt have improved the past weeks. Precipitation across the high plains was variable.
  • US Areas Experiencing Drought
    • Corn 20%
    • Soybeans 15%
    • Winter Wheat 23%
    • Spring Wheat 37%