The upheaval in the market early this week caused by the head fake on tariffs has subsided and the focus has now returned to fundamental supply and demand. Wheat ruled the market today with higher volume pushing all three major contracts higher. Soybeans and corn traded modestly higher with meal and cattle taking losses.  USDA’s Export Sales report was bullish corn and soymeal, with the latter hitting a marketing year’s peak. Wheat sales were also solid whereas soybean and soyoil sales sank. MY 2025/26 sales of corn and wheat remained solid, though soybeans fell out due to a lack of competitiveness. 

While weather in central and northern Brazil looks to be a bit drier, southern Brazil and Argentina are forecast to h...