Monday December 30, 2024

• Grains markets are up this morning.
  • Soybeans and meal are leading the gains, but corn continues to carve out fresh six-month highs. 
• Argentine’s Buenos Aires Exchange increased their 2024/2025 corn planting estimates from 15.6 to 16.3 million acres and soybean acres were cut from 46.0 to 45.5 million acres.
  • Corn planting is pegged at 81% complete
  • Soybeans harvest is pegged at 85% complete
  • Wheat harvest is pegged at 88.5% complete
• Chinese crush was 15.2% lower than this week last year and JCI data shows that Chinese crush demand is going at the slowest pace in 3 years. Interestingly enough, Chinas bean imports between January and November are over 5.5% higher than last year, exceeding domestic crush. (See Image Below)
• Weather Update:
  • Weekend rains were heavy as expected in the eastern and southeastern Midwest down into the southern U.S. The remainder of the work week will be drier, but above normal precipitation is back for the 6-10 day period. 
  • Argentina was dry over the weekend and there will be some chances of rain this week, but will not favour the larger growing areas. 
  • Brazil saw heavy rains in the north and northeast over the weekend and chances will hold center/north for the next ten days.