Monday December 16, 2024

• Grains recover after dropping into the end of the week. Corn, beans, and wheat start the week off in the green.
  • The soybean complex dominated trade volume overnight, soybeans remained the most range-bound of all the grain market. 
• A portion of Argentina’s soybean growing area is likely to experience below-normal rainfall over the next two weeks. Soybean growing areas in the north of Argentina are likely to see more normalized rainfall. 
• Friday morning flash sale of 200,000mt of soybeans to unknown destinations for delivery during the 2024/2025 marketing year. 
• AgRural a Brazil consultancy group reported 2024/25 Brazilian soybeans planting nearly complete, with production sitting at 171.5mmt. 
• China’s National Bureau of Statistics reported 2024 total grain production of more than 700mmt, a new record for the country. 
• Brazil saw extremely heavy and widespread precipitation over the weekend and that pattern will continue for the near future, with dry areas limited overall. 
• The CFTC report on Friday showed that managed money funds had liquidated short corn contracts and added to their long position. This is the largest net long position that the funds have held since February 2023. Soybeans were net buyers of 15k contracts, and SRW were net buyers of 3k contracts.