Tuesday January 14, 2025

• Grains are mostly flat late this morning after their big rally. Corn and Soybeans carried strong overnight volume, the funds now having built a fairly solid net longs. 
• Mar25 corn futures posted its best close yesterday, since June 18th.
• Flash Sale:
  • US exporters sold 198,000MT of soybeans to China for delivery during the 2024/25 marketing year.
• Export Inspections:
  • US corn hit a marketing year high at 56.7MBU on the week ending Jan 9.  This is well above the even most optimistic of trade estimates.  Cumulative inspections are up to 697MBU, 146MBU ahead of last year’s pace.
  • Wheat inspections dropped to 288,895MT from 412,342 posted the week prior.
  • Soybean inspections rose slightly to 1.35MMT from 1.3MMT the previous week.
• ARC estimates that managed money is long over 310,000 contracts of corn at Monday’s close, nearing historic highs.
  • Soybean open interest also rose to 1,730 contracts.
  • Wheat open interest falling by 2,405 contracts, managed money holding a sizeable short.
• Some much needed rain is expected to fall across Southern Brazil and Argentina later this week.
• Donald Trump’s tariffs on Canada will include oil.
• China imported a record amount of US beans in 2024.  Chinese buyers ramped up imports due to concerns that US-China trade tensions may escalate after Trump takes office.