Group 1: Corn Market Overview - Corn futures closed down 1 ½ to 6 cents in most contracts, with the CmdtyView national average Cash Corn price at $4.17 3/4, down 6 cents [1][5] - Export Inspections data indicated that 1.7 MMT (66.9 million bushels) of corn were shipped in the week ending March 19, marking a 1.79% increase from the previous week and a 9.83% increase year-over-year [4] - Marketing year shipments of corn have totaled 44.58 MMT (1.755 billion bushels), reflecting a 37.8% year-over-year increase [4] Group 2: International Trade and Export Sales - The USDA reported a private export sale of 102,000 MT of corn sold to Mexico [3] - Mexico was the top destination for corn shipments, receiving 483,855 MT, followed by Japan with 327,512 MT and Colombia with 180,375 MT [4] Group 3: Brazilian Corn Crop Status - Brazil's AgRural estimates that the second corn crop is 97% planted as of last Thursday, compared to last year when planting was already completed by this point [5]

Group 1 - Corn prices increased slightly by 2 cents on Tuesday morning, following a loss of 12 to 13 1/4 cents in nearby futures on Monday [1] - Preliminary open interest decreased by 23,389 contracts on Monday, indicating some long positions were liquidated, with May contracts dropping by 25,724 and December by 10,909 [1] - The national average cash corn price fell by 13 cents to $4.11 1/2 [1] Group 2 - The Export Inspections report indicated that 1.658 million metric tons (MMT) of corn were shipped in the week of March 12, which is 1.98% lower than the previous week but 8.95% higher than the same week last year [2] - Mexico was the largest destination for corn shipments, receiving 446,121 MT, followed by Japan with 281,957 MT and Colombia with 150,849 MT [2] - The total corn shipped since September 1 reached 42.869 MMT (1.688 billion bushels), representing a 39.16% increase compared to the same period last year [2] Group 3 - Ukraine's economic ministry estimates that the country will plant 4.42 million hectares (10.92 million acres) of corn this spring, with overall grain acreage projected at 6 million hectares (14.83 million acres), an increase of 240,000 hectares (593,000 acres) from last year [3] - As of May 26, corn closed at $4.54, down 13 1/4 cents, while nearby cash was at $4.11 1/2, down 13 cents [3] - July 26 corn closed at $4.65 3/4, down 12 1/2 cents, and September 26 corn closed at $4.67 1/4, down 12 cents [3]

Market Overview - Corn futures are experiencing losses of 11 to 12 ¼ cents, influenced by declines in soybean and crude oil prices, which fell by $3.19 [1] - The national average cash corn price has decreased by 12 cents to $4.11 1/2 [1] Export Data - The Export Inspections report indicates that 1.658 million metric tons (MMT) of corn were shipped in the week of March 12, which is 1.98% lower than the previous week but 8.95% higher than the same week last year [2] - Mexico was the largest destination for corn, receiving 446,121 MT, followed by Japan with 281,957 MT and Colombia with 150,849 MT [2] - The total corn shipped since September 1 is now 42.869 MMT (1.688 billion bushels), representing a 39.16% increase compared to the same period last year [2] - China was the sole destination for 127,639 MT of sorghum [2] Trading Positions - The Commitment of Traders report from CFTC shows an increase of 140,297 contracts in the spec fund net long position for the week ending March 10, marking the largest bull move since May 2019, bringing the net position to 193,271 contracts [3] - Commercials have increased their net short position by 143,803 contracts, totaling 477,414 contracts [3] Crop Progress - AgRural estimates that 50% of the Brazilian first corn crop has been harvested, which is behind last year's pace of 72% [4] - The second crop corn planting is at 91%, lagging behind the 97% pace from the previous year [4]

Core Insights - The company is focusing on strategic capital allocation towards high-return projects, including the expansion of the Clymers plant and upgrades to the Port of Houston's soybean meal export capacity [1] - The investment in Skyland Grain has shown improved performance, contributing nearly $20 million in EBITDA for the full year as it integrates into the broader Western asset footprint [1] Agribusiness Performance - Agribusiness results in the Eastern Grain Belt were bolstered by strong elevation margins for corn exports, while the Renewables segment faced challenges from higher natural gas costs and a firmer Eastern Corn basis [2] - The Western footprint benefited from a larger-than-expected fall harvest, allowing the company to accumulate corn and sorghum at favorable basis values despite limited merchandising opportunities [2] Financial Outlook - Record fourth quarter EPS was driven by the portfolio's versatility, particularly through full ownership of four ethanol plants and high grain volumes in the Western Grain Belt [3] - Management anticipates improved financial results in Agribusiness for 2026 due to increased certainty in global grain markets and sustained strong demand for ethanol [3] - The company projects 2026 45Z tax credits to be between $90 million and $100 million, benefiting from the removal of the indirect land use change penalty [3] - Guidance for 2026 exit run rate EPS has been raised above the previous target of $4.30, with a long-term goal of reaching $7.00 EPS by the end of 2028 [3] - Agricultural nutrient volumes are expected to benefit from higher-than-normal planted acres in 2026, although farmer decisions remain sensitive to current farm-gate economics [3] - Operational milestones for 2026 include the completion of the Port of Houston grain elevator upgrades in Q2 and soybean meal capacity in Q3 [3]

Group 1 - Corn futures are experiencing fractional to penny losses across the front months, with the national average Cash Corn price reported at $3.90 1/4, down by one cent [1] - The USDA has reported a private export sale of 110,000 MT of corn to unknown destinations, along with another sale of 306,000 MT of sorghum also to unknown destinations [1] Group 2 - ANEC estimates Brazil's January corn export total at 3.39 MMT, which is a decrease of 0.06 MMT from the previous week and below last year's total of 3.59 MMT for the same month [2] - Specific corn futures prices include Mar 26 at $4.27 1/4 (down 1 cent), May 26 at $4.35 1/2 (down 1/2 cent), and Jul 26 at $4.41 1/2 (down 1/2 cent) [2]

Group 1 - Corn futures experienced gains of 5 to 6 ½ cents across most contracts, resulting in a weekly increase of 5 ¾ cents [1] - The CmdtyView national average Cash Corn price rose by 6 3/4 cents to $3.93 1/2 [1] - The USDA's Export Sales report indicated corn bookings reached 4.01 million metric tons (MMT) for the week of January 15, the highest since March 2021 [2] Group 2 - The week of sales was the largest since 1991, more than doubling the same week last year [2] - Major buyers included unknown destinations (1.242 MMT), Japan (836,700 MT), South Korea (751,500 MT), and Mexico (422,600 MT) [2] - Managed money reduced their net short position in corn futures and options by 450 contracts, with a total net short of 81,324 contracts as of January 20 [3]

Group 1 - Corn futures experienced gains, with front months rising by 6 to 7 cents, and the national average cash corn price increased by 7.5 cents to $4.06 ¾ [1] - USDA reported corn export shipments at 1.207 million metric tons (MMT) during the week ending January 1, which is 9.6% lower than the previous week but 37.58% higher than the same week last year [2] - The marketing year exports for 2025/26 reached 26.81 MMT (1.06 billion bushels), representing a 64.83% increase compared to the same period last year [2] Group 2 - Export sales data indicated a total of 756,419 MT of corn sold in the week of December 25, marking a marketing year low and a 2.6% decrease from the same holiday week last year [3] - Commitment of Traders data showed managed money shifted to a net short position of 23,584 contracts in corn futures and options as of December 30, a change of 26,343 contracts [3] - Closing prices for corn futures included Mar 26 at $4.44 ½ (up 7 cents), May 26 at $4.52 (up 6 ½ cents), and Jul 26 at $4.58 ¼ (up 6 ¼ cents) [3]

Group 1 - Corn futures are down 2 to 3 cents across most contracts, with the national average cash corn price at $3.94 1/2, down 2 1/4 cents [1] - A private export sale of 150,320 MT of corn was reported to unknown destinations [1] - USDA reported corn export shipments at 1.589 MMT during the week ending December 11, which is 9.07% below the previous week but 37.25% larger than the same week in 2024 [2] Group 2 - Mexico was the top destination for corn exports, receiving 488,231 MT, followed by Japan with 301,240 MT and Spain with 219,729 MT [2] - Marketing year exports for 2025/26 reached 22.501 MMT since September 1, which is 68.74% larger than the same period last year [2] - A total of 1.84 MMT of corn was booked in the week of November 20, which is 73.4% larger than the same week last year [3]

Let's talk more about this now with Congressman Tracy Man. He's a Republican from Kansas, a member of the House Agriculture Committee and also hails from a family of farmers. So, he is uh uniquely suited to talk about this conversation here today.Uh Congressman, talk to me right now about what farmers in Kansas, maybe even some of your family members are telling you right now about the state of their finances. Is it difficult. >> Yeah, absolutely.You know, it's tough times on the family farm. My dad is sitt ...

Core Insights - China has approved imports of Brazilian sorghum, with shipments expected to begin this year, providing an alternative to declining U.S. exports [1][2] - The approval follows a visit by a Chinese delegation to Brazilian sorghum producers, indicating a strengthening of bilateral relations [3][4] - U.S. sorghum exports to China have significantly decreased, with a 97% drop year-on-year, highlighting the impact of deteriorating U.S.-China relations [5] Industry Impact - Brazil's sorghum production has doubled to 4.4 million metric tons in the 2023/24 season, but exports still account for less than 1% of the global market [6] - The interest from China is expected to boost demand for Brazilian sorghum, potentially encouraging increased planting in Brazil [7]