Friday January 3, 2025

• The markets end the week in the red after corn and soybean futures closed higher yesterday.
  • Lots of pressure due to farmer selling. 
• StoneX Brazil raised their 2024/25 soybean production estimate from 166.2 to 171.4mmt, due to increases in planted acres and yield. If realized, this would be a 14+% increase vs last year’s production. 
• The USDA’s crush report was released yesterday. The November USDA total was ahead of the average estimates at 210mbu and above last years 200.1mbu. 
• The weekly USDA’s drought monitor data showed the following
  • US Areas experiencing Drought
    • Corn: 46%
    • Soybeans: 39%
    • Winter Wheat: 25%
    • Spring Wheat: 33%
• Weekly ethanol production continues to run at record levels at 1.111 million barrels per day, just 2k off the record set in early November. Corn used for ethanol is sitting around 100mbu above the current USDA pace.