Corn Morning Update
<div class=\"default-font-wrapper\" style=\"line-height: 1;font-size: 12pt; font-family: Verdana, Geneva, sans-serif;\"><p dir=\"ltr\" id=\"isPasted\" style=\"line-height:1.2;margin-top:0pt;margin-bottom:0pt;\"><span style=\"font-size:12pt;font-family:Verdana,sans-serif;color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;\">Corn Morning Update</span></p><br><p dir=\"ltr\" style=\"line-height:1.2;margin-top:0pt;margin-bottom:0pt;\"><span style=\"font-size:12pt;font-family:Verdana,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:underline;-webkit-text-decoration-skip:none;text-decoration-skip-ink:none;vertical-align:baseline;\">QT News - Top News</span></p><p dir=\"ltr\" style=\"line-height:1.2;margin-top:0pt;margin-bottom:0pt;\"><span style=\"font-size:12pt;font-family:Verdana,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;\">-- Grain trade sources reported 133,000 mt of feed Corn was bought in two consignments by Nonghyup Feed for June delivery. They reportedly paid $250.99/mt cf for half the volume, the remainder was priced at $1,5749 per bushel over CBOT corn futures. They had been seeking up to 138,000 mt.</span></p><p dir=\"ltr\" style=\"line-height:1.2;margin-top:0pt;margin-bottom:0pt;\"><span style=\"font-size:12pt;font-family:Verdana,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;\">-- China's agriculture ministry monthly crop Tuesday left their key 24/25 estimates for corn, cotton and soybean production and ending stocks unchanged in their monthly March report.</span></p><p dir=\"ltr\" style=\"line-height:1.2;margin-top:0pt;margin-bottom:0pt;\"><span style=\"font-size:12pt;font-family:Verdana,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;\">-- EU and UK 2025 Corn production forecast was raised to 53.3 mln mt by grain trade group, COCERAL on Tuesday. Their previous forecast was 61.9 mln mt back in December.</span></p><p dir=\"ltr\" style=\"line-height:1.2;margin-top:0pt;margin-bottom:0pt;\"><span style=\"font-size:12pt;font-family:Verdana,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;\">-- EU and UK 2025 Barley production forecast was lowered to 58.8 mln mt by grain trade group, COCERAL on Tuesday. Their previous forecast was 59.7 mln mt back in December.</span></p><p dir=\"ltr\" style=\"line-height:1.2;margin-top:0pt;margin-bottom:0pt;\"><span style=\"font-size:12pt;font-family:Verdana,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;\">-- China's commerce ministry on Tuesday set March 31st for hearings on investigations over beef imports.</span></p><br><br><p dir=\"ltr\" style=\"line-height:1.2;margin-top:0pt;margin-bottom:0pt;\"><span style=\"font-size:12pt;font-family:Verdana,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:underline;-webkit-text-decoration-skip:none;text-decoration-skip-ink:none;vertical-align:baseline;\">State by State Ag Dept Weekly Crop Progress/Conditions</span></p><p dir=\"ltr\" style=\"line-height:1.2;margin-top:0pt;margin-bottom:0pt;\"><span style=\"font-size:12pt;font-family:Verdana,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;\">-- Texas state crop progress report released Monday (3/10) afternoon estimated the Corn crop 24% planted, up from NA% last week, leading the 19% in year ago week, and the long term average at 23%</span></p><p dir=\"ltr\" style=\"line-height:1.2;margin-top:0pt;margin-bottom:0pt;\"><span style=\"font-size:12pt;font-family:Verdana,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;\">-- Texas state crop progress report released Monday (3/10) afternoon estimated the Sorghum crop 20% planted, up from NA% last week, leading the 17% in year ago week, and the long term average at 19%</span></p><p dir=\"ltr\" style=\"line-height:1.2;margin-top:0pt;margin-bottom:0pt;\"><span style=\"font-size:12pt;font-family:Verdana,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;\">-- In the Blacklands, the Cross Timbers, the Upper Coast, and the Lower Valley, producers were planting corn and sorghum</span></p><br><br><p dir=\"ltr\" style=\"line-height:1.38;margin-top:0pt;margin-bottom:0pt;\"><span style=\"font-size:12pt;font-family:Verdana,sans-serif;color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;\">Analysts Estimates for March 2025 USDA-WASDE US Production and US-World Ending Stocks</span></p><p dir=\"ltr\" style=\"line-height:1.38;margin-top:0pt;margin-bottom:0pt;\"><span style=\"font-size:12pt;font-family:Verdana,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;\">(</span><span style=\"font-size:12pt;font-family:Verdana,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:italic;font-variant:normal;text-decoration:none;vertical-align:baseline;\">To be released March 11, 2025 at 11:00 am CT</span><span style=\"font-size:12pt;font-family:Verdana,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;\">)</span></p><br><p dir=\"ltr\" style=\"line-height:1.38;margin-top:0pt;margin-bottom:0pt;\"><span style=\"font-size:13pt;font-family:Verdana,sans-serif;color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:underline;-webkit-text-decoration-skip:none;text-decoration-skip-ink:none;vertical-align:baseline;\">Corn</span></p><br><div align=\"left\" dir=\"ltr\" style=\"margin-left:0pt;\"><table style=\"border:none;border-collapse:collapse;\"><tbody><tr style=\"height:0pt;\"><td style=\"border-left:solid #ffffff 1pt;border-right:solid #ffffff 1pt;border-bottom:solid #ffffff 1pt;border-top:solid #ffffff 1pt;vertical-align:top;background-color:#fff2cc;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;\"><br></td><td style=\"border-left:solid #ffffff 1pt;border-right:solid #ffffff 1pt;border-bottom:solid #ffffff 1pt;border-top:solid #ffffff 1pt;vertical-align:top;background-color:#fff2cc;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;\"><p dir=\"ltr\" style=\"line-height:1.2;text-align: center;margin-top:0pt;margin-bottom:0pt;\"><span style=\"font-size:12pt;font-family:Verdana,sans-serif;color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:underline;-webkit-text-decoration-skip:none;text-decoration-skip-ink:none;vertical-align:baseline;\">Average Estimate</span></p></td><td style=\"border-left:solid #ffffff 1pt;border-right:solid #ffffff 1pt;border-bottom:solid #ffffff 1pt;border-top:solid #ffffff 1pt;vertical-align:top;background-color:#fff2cc;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;\"><p dir=\"ltr\" style=\"line-height:1.2;text-align: center;margin-top:0pt;margin-bottom:0pt;\"><span style=\"font-size:12pt;font-family:Verdana,sans-serif;color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:underline;-webkit-text-decoration-skip:none;text-decoration-skip-ink:none;vertical-align:baseline;\">USDA February 2025 Report</span></p></td></tr><tr style=\"height:0pt;\"><td style=\"border-left:solid #ffffff 1pt;border-right:solid #ffffff 1pt;border-bottom:solid #ffffff 1pt;border-top:solid #ffffff 1pt;vertical-align:top;background-color:#fff2cc;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;\"><p dir=\"ltr\" style=\"line-height:1.2;margin-top:0pt;margin-bottom:0pt;\"><span style=\"font-size:12pt;font-family:Verdana,sans-serif;color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:underline;-webkit-text-decoration-skip:none;text-decoration-skip-ink:none;vertical-align:baseline;\">US 2025 Crop</span></p><p dir=\"ltr\" style=\"line-height:1.2;margin-top:0pt;margin-bottom:0pt;\"><span style=\"font-size:12pt;font-family:Verdana,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:underline;-webkit-text-decoration-skip:none;text-decoration-skip-ink:none;vertical-align:baseline;\">(bln bu)</span></p></td><td style=\"border-left:solid #ffffff 1pt;border-right:solid #ffffff 1pt;border-bottom:solid #ffffff 1pt;border-top:solid #ffffff 1pt;vertical-align:top;background-color:#fff2cc;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;\"><br></td><td style=\"border-left:solid #ffffff 1pt;border-right:solid #ffffff 1pt;border-bottom:solid #ffffff 1pt;border-top:solid #ffffff 1pt;vertical-align:top;background-color:#fff2cc;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;\"><br></td></tr><tr style=\"height:0pt;\"><td style=\"border-left:solid #ffffff 1pt;border-right:solid #ffffff 1pt;border-bottom:solid #ffffff 1pt;border-top:solid #ffffff 1pt;vertical-align:top;background-color:#fff2cc;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;\"><ul style=\"margin-top:0;margin-bottom:0;padding-inline-start:48px;\"><li dir=\"ltr\" style=\"list-style-type:disc;font-size:12pt;font-family:Verdana,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;\"><p dir=\"ltr\" style=\"line-height:1.2;margin-top:0pt;margin-bottom:0pt;\"><span style=\"font-size:12pt;font-family:Verdana,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;\">Corn Production</span></p></li></ul></td><td style=\"border-left:solid #ffffff 1pt;border-right:solid #ffffff 1pt;border-bottom:solid #ffffff 1pt;border-top:solid #ffffff 1pt;vertical-align:top;background-color:#fff2cc;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;\"><p dir=\"ltr\" style=\"line-height:1.2;text-align: center;margin-top:0pt;margin-bottom:0pt;\"><span style=\"font-size:12pt;font-family:Verdana,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;\">NA</span></p></td><td style=\"border-left:solid #ffffff 1pt;border-right:solid #ffffff 1pt;border-bottom:solid #ffffff 1pt;border-top:solid #ffffff 1pt;vertical-align:top;background-color:#fff2cc;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;\"><p dir=\"ltr\" style=\"line-height:1.2;text-align: center;margin-top:0pt;margin-bottom:0pt;\"><span style=\"font-size:12pt;font-family:Verdana,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;\">NA</span></p></td></tr><tr style=\"height:0pt;\"><td style=\"border-left:solid #ffffff 1pt;border-right:solid #ffffff 1pt;border-bottom:solid #ffffff 1pt;border-top:solid #ffffff 1pt;vertical-align:top;background-color:#fff2cc;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;\"><ul style=\"margin-top:0;margin-bottom:0;padding-inline-start:48px;\"><li dir=\"ltr\" style=\"list-style-type:disc;font-size:12pt;font-family:Verdana,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;\"><p dir=\"ltr\" style=\"line-height:1.2;margin-top:0pt;margin-bottom:0pt;\"><span style=\"font-size:12pt;font-family:Verdana,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;\">Corn Yield</span></p></li></ul></td><td style=\"border-left:solid #ffffff 1pt;border-right:solid #ffffff 1pt;border-bottom:solid #ffffff 1pt;border-top:solid #ffffff 1pt;vertical-align:top;background-color:#fff2cc;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;\"><p dir=\"ltr\" style=\"line-height:1.2;text-align: center;margin-top:0pt;margin-bottom:0pt;\"><span style=\"font-size:12pt;font-family:Verdana,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;\">NA</span></p></td><td style=\"border-left:solid #ffffff 1pt;border-right:solid #ffffff 1pt;border-bottom:solid #ffffff 1pt;border-top:solid #ffffff 1pt;vertical-align:top;background-color:#fff2cc;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;\"><p dir=\"ltr\" style=\"line-height:1.2;text-align: center;margin-top:0pt;margin-bottom:0pt;\"><span style=\"font-size:12pt;font-family:Verdana,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;\">NA</span></p></td></tr><tr style=\"height:0pt;\"><td style=\"border-left:solid #ffffff 1pt;border-right:solid #ffffff 1pt;border-bottom:solid #ffffff 1pt;border-top:solid #ffffff 1pt;vertical-align:top;background-color:#fff2cc;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;\"><p dir=\"ltr\" style=\"line-height:1.2;margin-top:0pt;margin-bottom:0pt;\"><span style=\"font-size:12pt;font-family:Verdana,sans-serif;color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:underline;-webkit-text-decoration-skip:none;text-decoration-skip-ink:none;vertical-align:baseline;\">US Ending Stocks</span></p><p dir=\"ltr\" style=\"line-height:1.2;margin-top:0pt;margin-bottom:0pt;\"><span style=\"font-size:12pt;font-family:Verdana,sans-serif;color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;\">(bln bu)</span></p></td><td style=\"border-left:solid #ffffff 1pt;border-right:solid #ffffff 1pt;border-bottom:solid #ffffff 1pt;border-top:solid #ffffff 1pt;vertical-align:top;background-color:#fff2cc;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;\"><br></td><td style=\"border-left:solid #ffffff 1pt;border-right:solid #ffffff 1pt;border-bottom:solid #ffffff 1pt;border-top:solid #ffffff 1pt;vertical-align:top;background-color:#fff2cc;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;\"><br></td></tr><tr style=\"height:0pt;\"><td style=\"border-left:solid #ffffff 1pt;border-right:solid #ffffff 1pt;border-bottom:solid #ffffff 1pt;border-top:solid #ffffff 1pt;vertical-align:top;background-color:#fff2cc;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;\"><ul style=\"margin-top:0;margin-bottom:0;padding-inline-start:48px;\"><li dir=\"ltr\" style=\"list-style-type:disc;font-size:12pt;font-family:Verdana,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;\"><p dir=\"ltr\" style=\"line-height:1.2;margin-top:0pt;margin-bottom:0pt;\"><span style=\"font-size:12pt;font-family:Verdana,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;\">US 24/25 Marketing Year</span></p></li></ul></td><td style=\"border-left:solid #ffffff 1pt;border-right:solid #ffffff 1pt;border-bottom:solid #ffffff 1pt;border-top:solid #ffffff 1pt;vertical-align:top;background-color:#fff2cc;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;\"><p dir=\"ltr\" style=\"line-height:1.2;text-align: center;margin-top:0pt;margin-bottom:0pt;\"><span style=\"font-size:12pt;font-family:Verdana,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;\">1.52</span></p></td><td style=\"border-left:solid #ffffff 1pt;border-right:solid #ffffff 1pt;border-bottom:solid #ffffff 1pt;border-top:solid #ffffff 1pt;vertical-align:top;background-color:#fff2cc;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;\"><p dir=\"ltr\" style=\"line-height:1.2;text-align: center;margin-top:0pt;margin-bottom:0pt;\"><span style=\"font-size:12pt;font-family:Verdana,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;\">1.540</span></p></td></tr><tr style=\"height:0pt;\"><td style=\"border-left:solid #ffffff 1pt;border-right:solid #ffffff 1pt;border-bottom:solid #ffffff 1pt;border-top:solid #ffffff 1pt;vertical-align:top;background-color:#fff2cc;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;\"><p dir=\"ltr\" style=\"line-height:1.2;margin-top:0pt;margin-bottom:0pt;\"><span style=\"font-size:12pt;font-family:Verdana,sans-serif;color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:underline;-webkit-text-decoration-skip:none;text-decoration-skip-ink:none;vertical-align:baseline;\">World Ending Stocks</span></p><p dir=\"ltr\" style=\"line-height:1.2;margin-top:0pt;margin-bottom:0pt;\"><span style=\"font-size:12pt;font-family:Verdana,sans-serif;color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;\">(mln mt)</span></p></td><td style=\"border-left:solid #ffffff 1pt;border-right:solid #ffffff 1pt;border-bottom:solid #ffffff 1pt;border-top:solid #ffffff 1pt;vertical-align:top;background-color:#fff2cc;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;\"><br></td><td style=\"border-left:solid #ffffff 1pt;border-right:solid #ffffff 1pt;border-bottom:solid #ffffff 1pt;border-top:solid #ffffff 1pt;vertical-align:top;background-color:#fff2cc;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;\"><br></td></tr><tr style=\"height:0pt;\"><td style=\"border-left:solid #ffffff 1pt;border-right:solid #ffffff 1pt;border-bottom:solid #ffffff 1pt;border-top:solid #ffffff 1pt;vertical-align:top;background-color:#fff2cc;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;\"><ul style=\"margin-top:0;margin-bottom:0;padding-inline-start:48px;\"><li dir=\"ltr\" style=\"list-style-type:disc;font-size:12pt;font-family:Verdana,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;\"><p dir=\"ltr\" style=\"line-height:1.2;margin-top:0pt;margin-bottom:0pt;\"><span style=\"font-size:12pt;font-family:Verdana,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;\">24/25 Marketing Year</span></p></li></ul></td><td style=\"border-left:solid #ffffff 1pt;border-right:solid #ffffff 1pt;border-bottom:solid #ffffff 1pt;border-top:solid #ffffff 1pt;vertical-align:top;background-color:#fff2cc;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;\"><p dir=\"ltr