01/31/2025 Annual Cattle Inventory, 25% Tariff

On the Grains
Yet again, export corn sales, were at the top end of the expectations, with sales of 53.5 million bushels (MBU). While down slightly from last week’s 65.4 MBU. Total commitments are now at 1.704 billion bushels, up 29% vs the previous year. I know we said after December and the January crop report that we might run the risk of falling short on USDA projections for sales, it appears now if we match last year’s Feb-March sales, the 2.450 might be too low. Our balance of the year, if we can match that Feb-March of last year, only needs to be 20 BMU vs last year’s 28 MBU. Any sort of hiccup in Brazil’s production could easily put us over that. Looking back at the reports from August of last year, we talked about our contacts in Brazil, saying that the domestic demand is grossly underestimated. This same company was in our office in August and predicted a 180 to 181 national yield, at that time, everybody was at 183 to 184.