Wednesday December 18, 2024

• Markets are mixed this morning.
  • Beans continue to slip.
  • Corn prices have been stuck in the same price range for 3 days and continue to hold on this morning.
  • Wheat is making the most gains this morning, most likely off of Russian production cuts. 
• The bean market did not have a great day yesterday and it’s still struggling this morning. The January 25 contract fell through a key support level, $9.75 futures have been a support level since mid-August. At this point it’s hard to see a reason for the market to rally.
  • Brazilian beans have moved into an even more competitive position delivered to China.
  • There is still uncertainty on the US bio-fuel front.
• Russian wheat production forecasts continue to decline, as conditions remain “the worst they’ve seen in decades”. Some analysts believe these cuts have not been priced into the market yet. 
• Todays Export Sales:
  • 135,000MT of corn to Colombia for 24/25 delivery.
  • 120,000MT of soybean cake and meal to Colombia for 24/25 delivery.
• The Canadian dollar fell below 70 cents US yesterday for the first time since early 2020.