Monday November 25, 2024

• Corn and Wheat are trading slightly in the red, while soybeans start the week off in the green, bouncing back from lows. 
• Flash Sale of 198,000mt of soybeans sold to unknown destinations for 24/25 delivery. 
• AgRural estimated Brazilian soybean planting at 86% complete as of last Thursday, up from 80% last week and 74% last year. 
• Russia’s IKAR raised their 2024 grain production estimated from 124.5 to 125.0mmt, while the Deputy Prime Minister said 2024/25 grain exports would range from 55-60mmt, down from 72mmt last season. 
• The US Plains and Midwest were dry over the weekend, and that will remain the case for the bulk of the next week to 10 days. Decent rains fell across Argentina over the weekend and will further improve with moisture this week. Brazil saw widespread rains this weekend across there northern growing areas, spreading throughout the country’s crop areas this work week. 
• The CFTC report was quiet last week compared to the past few. Corn was net buyers 7k contracts during the week ending last Tuesday. Soybeans were net sellers 9k, and SRW was net sellers 7k contracts on the week.