Monday December 2, 2024

• Markets open the week lower. 
• President-elect Trump proposed more tariffs over the weekend. Saturday, Trump stated that he would impose a 100% tariff on BRIC nations if they undermine the US dollar. This comes after the BRIC is dissatisfied with the US dollar’s dominance in the global financial system. 
• Private consultancy AgRural estimated 2024/25 Brazilian soybean planting at 91% complete as of last Thursday, up from 86% the prior week.
• Russia’s wheat forecast was lowered on Friday by 2/3 from its initial quota. A smaller Russian crop and aggressive exports in recent months are pinpointed as the reason behind the cuts. Exports in the second half of the marketing year are now forecasted at 11mmt vs. the previous forecast of 29mmt. 
• US ethanol production was record-high last week. Ethanol stocks were pegged at 22.87mil barrels, the print was +1.4% compared to the previous week and +5.6% vs. the same week last year. 
• The Plains and Midwest were mostly dry over the weekend with some light snows in the southeastern and northeastern belt. 
• Argentine rains were widespread over the weekend and some more light action will linger by the end of this work week. Brazilian rains were extremely heavy and widespread over the weekend and that pattern continues across nearly all growing areas this week.