Friday July 11th, 2025

• First week back to work and a USDA report – lucky me!
• Markets red to start the morning leading into the monthly WASDE supply and demand report released at noon today 
• Weather continues to lean favourable to crop growing conditions through July – leaving very little room for the market to pad in risk premium into the prices
• Crop Production and WASDE Report Estimates (numbers below)
  • Very rarely are there changes made to the production side of the spreadsheet this early in the season – more focus being on the demand/usage side
  • Hoping to see increase in corn export number, but conversely may see a reduction in feed usage 
• Trumps game of kick the tariff down the road has continued – now that the official “pause” on tariffs has lifted nations are receiving their “letter” indicating what their new tariffs will be come Aug 1 (if he hasn’t pushed it again by then)
  • Canada’s letter has indicated a 35% tariff starting Aug 1