Friday January 17, 2025

• Corn and Beans trading slightly in the green this morning, while wheat is trading down to flat.
  • Soybean futures fell sharply yesterday. March futures lost nearly 25 cent per bushel. A better forecast for southern Brazil and Argentina may have a potential for this loss. 
• USDA reported 2 flash sales yesterday
  • 132,000mt of soybeans sold to China for 24/25 delivery
  • 135,000mt of corn sold to Taiwan for 24/25 delivery. 
• Argentina crop progress:
  • Corn planting is around 95% complete with 39% of the crop rated at g/e, ahead of the 5 year average of 27% rated g/e. 
  • Soybean planting is now estimated at 98%, conditions saw a decline to 32%g/e vs 49%g/e last week, in line with the 3-5 year averages. 
• Export Sales
  • Corn sales were 40.3mbu for the week ending Jan 9, ahead of expectations. Corn sales are 8% ahead of the need pace. 
  • Bean sales were right in the middle of expectations at 20.9mbu, with China being the largest buyer.
  • Wheat exports sales had a great week, with 18.9mbu of sales. Wheat sales are 1% below the needed pace. 
• US Areas Experiencing Drought
  • Corn: 42%
  • Soybeans: 34%
  • Winter Wheat: 22%
  • Spring Wheat: 45%