Wednesday November 27, 2024

• Corn and beans trading in the green, wheat trading slightly in the red.
• South Africa’s crop estimates committee reported final 23/24 corn production at 12.72mmt, unchanged from their previous number and down almost 23% from last season’s 16.43mmt. 
• Brazilian grain exporting agency Anec yesterday estimated November soybean exports at 2.46mmt, down from 2.80mmt, seen last week. 
• Israel and Lebannon hold ceasefire, while Russia fired an at first-unknown new missile at Ukraine in retaliation of their use of US long range ATACMs missiles early Tuesday morning. 
• After president-elect Trump’s announcement regarding a 25% tariff on goods from Canada and Mexico the currency market reacted but the commodity markets initial response was fairly muted. 
• Last week, China ramped up their soybean purchases, buying 35-38 shipments on the week, slightly above the seasonal weekly average of 30, trade indicated that roughly 10 of those shipments were for Dec/Jan time, the rest for later shipment when Brazil’s new crop is available. Will we see if China continues this purchasing pace after the US tariff announcements.