Wednesday January 15, 2025

• The market is mixed this morning.
  • Corn is seeing some resistance at $4.80 futures.
  • Soybeans are beginning to slip.
  • Wheat is holding steady.
• Brazils government crop agency, Conab, raised their 24/25 bean production estimate. Production is forecasted to be up 12.6% compared to last season.
  • With harvest beginning in Brazil, their beans will start flowing into the export market. 
• The March 2025 soybean contract rallied 67 centsin the past 3 trading sessions. The contract was met with pressure at $10.64 futures.
• On Tuesday US exporters sold another 198,000mt of soybeans to china for 24/25 delivery
  • China has bought US beans the past two days, even though US beans are more expensive. 
• Donald Trumps economic team is discussing a gradual increase on tariffs. Tariffs would slowly raise each month to increase negotiating power and to prevent a surge in inflation.
  • This plan is still being deliberated and still has to be presented to Trump.
  • The announcement of this proposal yesterday caused the US dollar to fall.
• Traders will be watching for another strong ethanol production figure this morning as well as a record December NOPA soybean crush number.