The WASDE report featured mostly bullish revisions that resulted in bearish price reactions across the grains.

The international Corn balance sheet (Ex China) printed the lowest Stocks / Use ratio since the 1995/96 Crop year coming in at 7.82.

Despite this, May Corn futures finished -6’4 lower on the day to 498’0 while N-Z spreads finished -5’2 lower at 31.

Wheat was the leader in the clubhouse, rallying 18’0 on the week to finish at 613’4. KC Wheat rallied 19’0 to 632’6.

Wheats the bullish move was largely driven by Winter Kill risk in the U.S. as next weeks forecast features an arctic blast over Wheat areas with limited snow cover. Russia’s IKAR agency also lowered its production estimates to 129mmt from 130mmt. Globally, Wheat tenders continue to come through at elevated tonnage levels. The issue is that none of the international tenders have been directed towards the United States. If U.S. Wheat can catch some of this international demand, futures may be set for another leg higher.

Export sales in Corn continued their strength this week while Soybean sales remain disappointing. Wheat export sales did come in at the high end of expectations and show some strength.

Check out the full article with charts and more here: https://bluelinefutures.com/2025/02/14/grains-weekly-recap/

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