03/12/2025 Hungry? Just Wait

On the Grain
Good morning. Even the DOW and crude oil are finding some footing, but it isn’t helping row crops this morning. Yesterday’s report turned into a big nothing sandwich, which is what I figured, yet it still managed to disappoint. USDA chose to kick the can down the road, as they often do, until a later report, I guess they are nervous about tariffs too. The only small changes were the reduction imports by 2 MMT of corn to China, 2 MMT reduction in Brazil exports, and 1 MMT in South American production. This left us with world-ending stocks at 288.9 MMT, the lowest in 10 years, proving it’s all about the weather from here on out. The Safrinha crop is reported at 92% planted, up 12% from last week.