Tuesday January 7, 2025

• Corn and soybeans open today in the red, wheat is trading slightly in the green.
• The USDA reported Kanas winter wheat ratings at 47% good/excellent, down from 55% g/e in late December.  
• Yesterdays CFTC report saw managed money as large buyers of corn, funds are now estimated to be long 228k contracts, the largest corn position since February 2023. (See image below) Soybeans saw some unwinding of fund short positions, now sitting around 42k contracts. 
• India saw their wheat price run to new highs yesterday, caused by limited supply and high demand from flour mills. It is likely the government will release wheat from their reserves to cover the demand. India imports little wheat as they are able to grow many acres to supply their countries need, concerns of below normal rainfall could hinder their growing season. 
• Corn and beans export inspections were within the range of estimates in yesterdays report. Corn exports this week were lower than last week but running 4% ahead of the needed pace, bean shipments much lower than last week but still running 6% ahead of the needed pace. Wheat inspections were ahead of expectations and are running 2% ahead of the needed pace.