Friday May 9, 2025

The grain market is mixed this morning.
Export Sales were strong last week, surpassing pre-report expectations.
- Corn sales were reported at 1.7mmt up 64% compared to the previous week and 47% from the prior 4 week average. Japan was the largest corn buyer for the week.
- Soybeans were at 376,700mt down 12% from the previous week but up 11% from the prior 4 week average. Mexico was the largest buyer.
- Wheat sales were at 69,700mt up from the 4 week average.
China is looking to Argentine grain imports to avoid Trumps Tariffs. Chinese officials agreed to purchase $900 million worth of soybeans, corn and soy oil from Argentina. It was only last year that China began sourcing corn from Argentina.
On Monday the USDA will release the monthly Crop Production and WASDE report.
- We will get our first look at the new crop balance sheets for the US and the world. The new crop situation is expected to be bearish.
The USDA drought monitor:
- Majority of the Corn Belt is drought free, but drought conditions expanded in parts of north-central Illinois, northwest Missouri, and northwest Indiana.
- US Areas Experiencing Drought
  - Corn 20%
  - Soybeans 15%
  - Winter Wheat 22%
  - Spring Wheat 37%
Argentina Crop Progress: Soybean harvest was estimated at 45% complete on Thursday, This is ahead of last years pace and the 3 year average. Corn harvest still runs ahead of the average pace at 35% complete.