Consus Ag Consulting AM Market Briefing
Tuesday, May 13th, 2025
Futures were under pressure in the overnight session which is not that surprising given yesterday’s closes. Wheat struggled all session yesterday and this carried into overnight trade. Corn also had a weak finish yesterday as trade still sees current weather as conducive for planting in the US and harvest in South America. While conditions will stress crops if they continue, yesterday’s USDA data shows we have room to spare on those two crops. The same is not true for soybeans where the US is in rationing positions on both old and new crop with an entire growing season ahead of us. We have a strong tendency to see our highest carryout totals of the year in May, generating even more interest in the soy complex. Soybeans also took support yesterday from reports that the current 45Z biofuel blending tax credit will be extended to 2031, but we have yet to see confirmation. Trade is waiting for more details on US trade deals this morning, mainly on China and Japan. Japan says they want to work with the US, but is very firm in its demands to do so. China is showing its 3rd consecutive month of economic deflation, adding market pressure this morning.
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