Tuesday May 6th, 2025

CBOT grain markets are mixed: wheat and corn is up, beans are down this morning.
- Corn futures fell sharply yesterday amid US planting progress and ideal weather in the US and South America. The July 25 contract declined nearly 15 cents, falling through the 200 day moving average.
- The July soybean contract also saw double digit losses yesterday and closed below the 200 day moving average.
US Planting Progress (image below):
- Corn planting was 40% complete through Sunday, compared to 24% last week and 39% on average.
- Soybean planting was reported at 30% complete VS 18% last week and 23% on average.
Winter wheat ratings improved last week sitting at 51% G/E VS 49% last week and 42% on average. This rating exceeded the analysts’ expectations of 50%.
Export Inspections:
- USDA reported that 1.6MMT of corn were inspected for the week. This is down 3.5% compared to the previous week but up 24% VS the same week last year. This keeps YTD shipments 8% ahead of the needed pace.
- Soybean shipments were reported at 324,101MT, near the lower end of pre-report expectations. This is down 29% from the prior week and -9.5% compared to the same week last year. Soybeans are running 4% ahead of the USDA target.
- Wheat shipments fell below expectations at 310,326MT. This is down 52% from the previous week and -8.5% from the same week last year.
Prime Minister Carney will be travelling to Washington DC today for a meeting with President Trump. Carney will try to lower 25% tariffs on Canadian goods not covered by USMCA.
Dry and warmer weather is in the forecast for the Central US over the next 10 days.