PRO FARMER
Corn futures followed wheat futures sharply lower Tuesday, with the nearby May contract tumbling 22 1/4 cents to $7.26 1/4 and new-crop December falling 11 3/4 cents to $6.52 3/4.
U.S. waterborne diesel exports from the U.S. Gulf Coast increased to 1.04 million barrels per day. . .
The National Grain and Feed Association members report significant rail service disruptions from the Union Pacific (UP), Burlington Northern Santa Fe (BNSF) and Norfolk Southern (NS) railways.
The Ukrainian government is removing corn and sunflower oil export license requirements.
As Argentine farmers get started harvesting their soybean crop, yields are highly variable and below average, reports the Buenos Aires Grain Exchange.
Responding to higher world prices, farmers in Mato Grosso, Goias, Sao Paulo, Minas Gerais and the Matopiba region of Brazil probably planted more safrinha corn . . .
Heavy showers and thunderstorms are forecast to track across northern Argentina and southern Brazil through Friday, according to World Weather Inc.
May soybeans rose 22 1/4 cents to $17.18 3/4, the highest settlement for a nearby contract since September 2012. May soyoil jumped 143 points to 75.97 cents per pound, while May soymeal climbed $8.30 to $485.10.
In the latest projections, IHS Markit expects U.S. farmers to plant more beans and less corn, wheat and cotton acres than its January forecast.
To curb inflation, Brazil’s Economy Ministry announced coffee, margarine, cheese, pasta, sugar, soyoil and ethanol import taxes are suspended until the end of the year.