Friday December 20, 2024

• Markets are mostly higher to end off the week.
  • Soybeans are recovering from lows.
  • Corn is finding technical support.
  • Wheat is sitting on either side of unchanged.
• The January soybean contract tried to rebound yesterday and continues to try and make up losses this morning. We have moved back above the key $9.75 level we fell through on Tuesday. 
• With the holidays next week trade is expected to thin which often leads to prices drifting or sometimes leads to erratic trade.   
• Yesterdays Flash Sales:
  • 227,000MT of soybeans to unknown with 152,000MT for 24/25 delivery and 75,000MT for 25/26 delivery.
• Argentina’s corncrop is 66% planted, conditions still remain above last years at 46% g/e. Their soybean planting remains well above the previous years rate at 77% complete, condition ratings remain well above the averages at 66% g/e.
  • Harvest for Argentina usually begins in April.
• Crush rates have been high due to strong demand for soybean oil. However, this has led to an oversupply of soybean meal, causing a significant drop in the meal market. As a result, soybean prices have declined.
• Wheat futures declined for the sixth consecutive trading session yesterday. The March 25 contract fell to its lowest level since late August. The decline, is a result of the strong US dollar and concerns of a large global supply.
  • This seasons global wheat production is forecasted to be the largest yet.