Thursday January 23, 2025

• Corn and beans trading slightly higher this morning, while wheat is trading slightly in the red.
  • Overnight grain volume remains solid but has been backing off throughout the week.
  • Corn markets went slightly lower again yesterday following a sharp rally into fresh highs. A wetter forecast for Argentina and southern Brazil contributed to yesterdays weakness. 
  • The soybean oil market fell yesterday amid Trumps ‘Farm to Fly Act” regulatory freeze.
• Flash sale: Exporters sold 136,000mt of corn to unknown destinations for 24/25 delivery. 
• Weather Update:
  • The U.S remains in a dry stretch this week with the next system moving in to the far south Sunday/ Monday. Temperatures remain safely above-normal and will be up through the first week of February.
  • Argentine rains held out to the far northwest, but there will be another chance of rain moving in for most crop areas, with at least some light coverage across corn and soybean regions. 
  • Brazil again saw scattered rains center-north, with the far south dry, coverage look very widespread through the weekend into early next week.