Tuesday December 24, 2024

• CBOT grain futures are mixed this morning, soybeans are trying to recover from recent lows, corn is creeping up to chart resistance, wheat is lower and the US dollar is strong.
• Export Inspections:
  • Bean exports remain strong this week at 64.2MBU, well ahead of the 41.1MBU posted this time last year.  Yearly shipment pace is 5% ahead.
  • Corn saw 44.2MBU shipped on the week, nearly matching last year’s pace.  YTD shipments are 4% ahead of USDA’s target.
  • Wheat improved to 14.8MBU as the YTD shipment pace is staying ahead of the USDA target by 11.1MBU
• Brazilian Real is closing in on its record low, falling to its weakest levels since its introduction in the 90s.  This is driven by President Lula’s effort to rein in government spending.  The chart below illustrates effect of the weak Brazilian currency on local grain prices.