Friday December 27, 2024

Soybeans and wheat are down, corn is flat this morning following the corn/beans boxing day rally. Holiday thinned volume and a dry Argentina weather pattern for the next 10-12 days adding support. Temperatures are also expected to increase in the area to mid 80s and 90s which will quicken the need for rain.
January 2025 beans rallied over 12 cents yesterday closing roughly 40 cents off its lows from last Thursday.
March 2025 corn contracted gained 5 cents yesterday breaking through the 200 day moving average for the first time since May, posting its best close since June 25th. Still holding above the technical resistance of 4.50.
Corn export sales were better than expected this morning, see chart below.
Bunge crusher plant in Cairo, IL caught fire Thursday morning
Russian wheat exports are expected to decline 6% during the 2025/2026 season.