Monday December 23, 2024

• Markets are mostly flat to start off the week.
  • Grains saw support on Friday as positions were settled ahead of the holiday trade. 
• Flash Sales:
  • Friday morning flash sale of 150,000 tonnes of corn sold to Colombia for 2024/2025 delivery. Corn exports to Colombia are ahead of there normal pace (See chart below) 
  • 132,000 mt of corn sold to Unknown destination for delivery during 2024/25 marketing year
  • 132,000mt of soybeans sold to China for delivery during the 2024/2025 marketing year.
• The CFTC report showed very little net change to the managed corn position as the funds are still long 159k contracts. Managed money continues to hold a short soybean and wheat position. 
• Weather Update:
  • The Midwest and Plains were dry over the weekend and remain so today before rains fire back up in the southern U.S for the remainder of the week. Temperatures remain warm through the next ten days. 
  • Argentina did see some heavy isolated rains in there north-central crop areas over the weekend, with the heart of the country’s growing areas dry through the 6-10 day period. 
  • Brazil saw widespread rains over the weekend, with action continuing into the week. 
• Russian Grain exports were estimated by SovEcon at 3.6mmt, down from 4.6mmt in November and 4.4mmt last December. Wheat exports of 3.3mmt, down from 4.1mmt in November.