Thursday December 5, 2024

• Corn, beans and wheatare making some gains this morning.
  • Foreign production/harvest concerns adding some support to wheat
  • Bearish overall supply situation
  • Markets trading within their ranges, no new fundamental news to drive futures
• Flash Sale:  US exporters sold 30,000MT of soybean oil to South Korea for 2024/25 delivery.
• December WASDE report will be released on Tuesday
  • Minimal changes expected on the US side of the report
  • South American production values will be one to watch out for
    • Traders are anticipating Brazil’s production numbers to increase slightly to 169.3MMT vs last month’s 169MMT.
• The DOE ethanol report on Wednesday showed ethanol production falling slightly from last week, for the first time in more than two months.  Chart below.
• Stock markets climbed to record highs yesterday.
• Russian analytical group states that Russia’s winter crops are in the worst condition on record, 37% rated poor compared to the 8% 5 year average.
• Statistics Canada report will be released today.  All wheat production 2024/25 is expected at 35.04MMT this morning, up from 32.95MMT last season.