Tuesday December 17, 2024

• Grains are in the Red this morning.
  • Beneficial Brazilian rains and a lower than expected NOPA crush number weighs on the soybean complex.
• November NOPA crush came in a few million bushels below expectations at 193.2MBU.
  • This is down from last month’s overall record just short of 200MBU, but still a record for the month of November, ahead of 189MBU a year ago.  See image below.
  • Cumulative crush through three months of 2024/25 is up 4.8% from last year.
  • Soybean oil stocks are very low.
• The Brazilian Real fell to a record low on Monday.
• Export inspections:
  • US soybean shipments declined last week, -3.5% from the previous week but +18% compared to the same week last year.
  • Corn shipments were near the upper end of pre-report expectations (1.1MMT), +6.8% from the previous week.
  • Wheat shipments were reported at 298,075MT, +20% from the previous week.
• Today’s Export Sales:
  • 170,400MT of Corn to Mexico for delivery during the 2024/25 marketing year.
  • 187,000MT of Soybeans to Sprain for delivery during the 2024/25 marketing year.
  • 132,000MT of Soybeans to unknown for delivery during the 2024/25 marketing year.