Tuesday January 21, 2025

  • Soybeans and wheat are making moderate gains today, corn is up slightly.
    • South American crop concerns re-emerge with dryness continuing to impact the Argentina crop and some areas of Brazil.  Rain is in the forecast for Northern Argentina and Southern Brazil later this week.
    • In contrast, excessive rainfall in Mato Grosso and Central Brazil is delaying harvest and second crop corn planting.
    • Trump delays immediate implementation of tariffs
      • Trump has directed federal agencies to study policies and relationships with China as well as Canada and Mexico instead of imposing tariffs right away.
  • CFTC report showed managed money funds adding 48.5K net corn contracts, falling below trade estimates but still approaching a record long position.  The funds were net buyers of 72.8K soybean contracts.  The funds were net sellers of 5K SRW contracts.
  • US Dollar index is down from the highs, post inauguration.