Tuesday December 31, 2024

• CBOT grain futures are higher on the last day of 2024!
  • Showers dotted portions of Southern and Central Argentina overnight but a drier-than-normal forecast has offered support.
  • Corn and wheat are followers of the bean/meal rally.
• Flash Sale:  US exporters sold 23,000MT of Soybean oil to India for 2024/25 delivery.
• Export inspections:
  • Corn, beans and wheat were all within the range of expectations.
  • Corn is running 4% ahead of the pace needed to meet the USDAS’s total.
  • Bean inspections are running 6% ahead of the pace needed.
  • Wheat is running right near the pace needed to meet expectations.
• The CFTC fund report was released yesterday showing fund positions nearly in line with expectations, see corn graphic below.  After the reporting period of last Tuesday there was more buying in corn, leaving StoneX estimating the fund net long roughly 206K contracts as of last Friday.
• Argentina’s weather story is picking up some momentum- their soybean planting is seen at 85% complete, well above last year and the 5 year average pace.  Soybean conditions declined this week to 58% G/E but above last years 40% and the 5 year average of 47% G/E.
  • Corn planting is 81% complete and 47% G/E