Wednesday January 8, 2025

• Grains are lower this morning on the improving prospect for rain across Argentina and Southern Brazil.
• Overnight trade volume was low with volatility minimal, corn seems to want to sick near highs ahead of a potentially bullish USDA report on Friday.
  • The trade is looking for steady-to-lower soybean yields/production/carryout, with a sharper cut expected for corn.
• The Chinese Yuan falls on US tariff concern.
• Wheat futures are lower in the overnight amid favorable weather in the US Southern Plains.
• US Ethanol exports spiked in November, climbing up to 187.6 million gallons, a 31% increase from October.
• The stock market took a tumble on Tuesday from potential concerns of inflation.
• Flash Sales:
  • US exporters sold 110,000MT of corn to Colombia for delivery during the 2024/25 marketing year.  Accumulated corn sales are up 30% compared to the same period LY.
  • Private exporters reported sales of 120,000MT of soybeans to unknown destinations for delivery during the 2024/25 marketing year.
• The chart below shows US corn carryout by marketing season, including the average trade estimate for Friday’s report.