Tidbits
Yesterday, March corn traded over $4.60 for the first time since late June. South American weather is not improving, but make no mistake, the South American soybean crop will be overwhelmingly large. The USDA is likely to increase its Brazilian bean production estimate on Friday. It is also reasonable the USDA will reduce corn production in the U.S. and world wide.
Yesterday’s Commitment of Traders Report (COT) showed managed money holds the largest net long corn position since February of 2023 at 228,806 contracts.
According to a Presidential decree, Mexico has removed import tariffs on wheat, wheat flour, steel, laminated products, fishing nets, buoys, ropes, and ammonium sulfate during 2025.