Tuesday November 26, 2024

• Wheat futures jumped in overnight trading amid increased attacks by Russia on grain facilities inside Ukraine.  Corn and beans are relatively flat at the moment, Mexico and China tariff response awaited.
• Trump announced a 25% tariff on all goods imported from Mexico and Canada, as well as a 10% increased tariff on China.
• Recent rainfall across the High Plains caused US winter wheat conditions to surge last week.  The USDA listed the Winter Wheat crop at 55% G/E, this is 4% higher than expectations and 6% higher than last week’s rating.
• Soybean planting in Brazil is ahead of pace and near completion, sitting at 86%.
•  The US has halted Mexican cattle imports after the discovery of New World Screwworm in a cow in Chiapas, Mexico.
• Flash Sale:  US exporters reported 454,090MT of corn sold to Mexico for delivery during the 24/25 marketing year.
• Export Inspections:
  • Corn was slightly higher than the range of expectations at 35.6 million bushels.  This leaves corn year-to-date inspections 4% ahead of the pace needed to meet expectations
  • Bean shipments declined this week but were within the range of expectations at 77.2 million bushels.  This leaves the pace this year 4% ahead of the pace needed.
  • Wheat shipments were also within the range of expectations and running slightly ahead of the pace needed.