Tuesday December 10, 2024

• Corn, Wheat and Beans are all staying positive ahead of today’s USDA crop production report.
  • Typical of the December report, not many changes are expected but traders are eyeing the corn ending stocks this morning.
  •  A demand driver is needed to sustain the CBOT grain rally amid favorable South American weather and a looming record Brazilian soy crop.
  • China November bean imports disappoint.
• Another steady Export Inspections report as corn and beans both met trade estimates.
  • Corn shipments were seen at 41.3MBU, YTD shipments are now running 5% ahead of the USDA target.
  • Soybean exports were down week-to-week but still met the trade range at 59.6MBU, YTD shipments are running ahead of the needed pace by 5%- see chart below.
  • Wheat exports were down slightly and just missed the trade estimate, YTD wheat shipments are also running ahead of the pace needed.
• Canada is said to retaliate if the Trump administration follows through with the 25% tariff on Canadian imports.