AgMaster Report – 02/26/2025

MAR CORN

Mar Corn corrected 30 cents (520-490) due to renewed 25% tariffs against Mexico & Canada being implemented Mar 4 & also anticipation of the US Annual Ag Forum Thur-Fri set to announce 3 million more acres going in this year! However, the mkt became oversold & is attempting to correct – mindful of the strong export demand, solid ethanol usage & tight global stocks!

 

MAR BEANS

A record Brazilian Crop, substandard exports & increased tariffs have combined to keep Mar Beans in a 30 cent congestion area – about 60 cents off its 2025 highs! However the mkt may receive some support from continued dryness in Argentina, a decrease in the 2025 bean acres – to be reported tomorrow in the USDA annual AG Forum & a potential meeting between President Trump & China’s President Xi!

 

MAR WHT

Mar Wht broken 45 cents (610-565) – along with Mar Corn but for different reasons! Mostly milder temps in the Plains have removed the Winterkill risk – along with adequate snow cover to protect the emergent crop! As well, there are strong indications that the Russian-Ukraine war is coming to an end – which helped reduce some the war premium in the price structure! Finally the Annual Forum Thur-Fri may show higher stocks!

 

APL CAT

April Cattle has corrected $13 (207-194) since the end of January due to slumping demand & falling cash prices! The mkt finally reached a level that stifled demand – not surprising since it was from record levels – with the pork alternative much cheaper! But the mkt quickly became oversold & another screw-worm incident at the border may impede Mexican exports – helping the mkt to correct!

 

APL HOGS

From the above chart, one can see the roller coaster ride April Hogs have been on during the month of Feb – first rallying $8 (86-94) – then taking it all back in the final 2 weeks of the month! Slack demand, falling cash & tariff fears all contributed to the price collapse! However, the mkt quickly became oversold as approached its Feb lows – & is correcting today! Both Apl Hogs & Cattle have fallen sufficiently off their recent highs to attract some solid demand going into March!

Questions? Ask Bill Moore today at 312-264-4337