Friday December 13, 2024

• Grain prices pulled back overnight, we are ending the week off in the red.
• There was a flash sale of 334,000MT of soybeans to unknown for 2024/25 delivery.
• Export sales for corn and beans were disappointing last week as they came in well below estimates. Wheat exports were within expectations. 
• Chinese hog margin levels are approaching break even again. After worse than expected pork consumption this winter. Low profitability doesn’t incentivize producers to expand production, affecting feed demand for feed grains in Q2-Q3 next year.
• Argentina corn planting is at 56% complete this week while conditions ratings improved to 51% g/e. This rating is above last years, the 3 and 5 year averages. Soybean planting is at 65% complete vs 52% last year. With historic level condition ratings, 65% g/e vs 30% last year.