Written Commentary
OPENING COMMENTS
Geopolitics:
India is signaling they are willing to cut down $23 billion of tariffs on US imports into India in order to fend off the incoming reciprocal tariffs next week. India’s officials are focusing on about 55% of imported US goods that are expected to be targeted next week. This is all under negotiation and subject to change within the next 6 days.
Ag Fundamentals:
Wheat conditions in Oklahoma decreased week-over-week from 46% good/excellent to 37%. OK’s decrease shifted to “fair” and there was no increase to the poor/very poor percentage. Kansas saw a 1% increase in their good/excellent rating, now at 49% g/e. Winter wheat in Texas also saw a slight increase from 28% good/excellent to 31% today. Wheat prices still seeing weakness on the board today following this news and the news Russia’s crop has improved. Trade is mostly quiet to start this week with many within the trade waiting to see what happens to global policies in the next week.
Rain Anomaly Between now and Next Thursday shows dryness in the northeast where the second corn crop will lack rain and moisture covering the growing areas of Argentina.
EXPORT & WORLD NEWS
Japan is in the market for nearly 120K MT of milling wheat in the international market. Jordan, likewise, is also looking for 120K MT of milling wheat. Additionally Syria is also wanting to purchase around 100K MT of soft milling wheat.
Malaysian palm oil futures were down 60 ringgit overnight, now at 4245.
Daily Trading Limits: Corn $0.30 (expanded $0.45); Soybeans $0.85 (expanded $1.30); Minneapolis Wheat $0.60 (expanded $0.90); KC Wheat $0.40 (expanded $0.60); Chicago Wheat $0.40 (expanded $0.60)
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