Thursday November 14, 2024

• Red across the board this morning.
  • Wheat continues to drop as wheat friendly headlines are nowhere to be found.
  • Soy demand remains in question.
• The fast-rising US dollar is keeping the Canadian dollar under pressure.
• Flash Sales
  • 401,357 MT of corn to Mexico for 24/25 delivery.
  • 290,820 MT of corn to Unknown for 24/25 delivery.
  • 176,000 MT of soybeans to Unknown for 24/25 delivery.
• The energy markets have been paying close attention to the the Trump Presidency. Many believe Trump will re-introduce the nuclear sanctions on Iran, causing Iranian crude production to fall. This would allow US oil production to continue to rise.
• The above chart from StoneX shows the Soybean Price delivered to China. Looking at the chart it makes sense that China has been purchasing US beans. US beans are currently cheaper than Brazil. 
• The chart above shows Corn Estimated Imports Cost to China. The chart shows us just how much Argentina corn values are undercutting the market. China has been absent from recent US corn sales this marketing year.
• Mexico has been the largest buyer of US corn this year. Trump has threatened 25% tariffs on goods imported from Mexico. Officials in Mexico have been discussing retaliation this week, there are no specifics.