Thursday January 30, 2025

• Corn and Soybeans retreat lower this morning, after having an up day yesterday, wheat trading flat to higher.
  • The March 2025 Corn contract rose to a 7 month high yesterday before settling at $4.97 futures. 
  • The corn and soybean markets rally extended to the wheat market helping it post gains yesterday. 
• Ethanol Productions and Stocks
  • The weekly output of 1.02million barrels per day was down 7.6% on the week, but up 24% vs last year. Stocks were pegged at 25.7mil barrels, down 1% compared to last week. 
  • The USDA only looking for a minor year over year corn use increase. 
• Private groups estimate that ‘the funds” bought another 20k contracts, this will put corn funds at 350k contract net long, the all-time net long of 409k contracts was in 2011.
• The Russian ag minister said on Wednesday he believes the country’s exports will fall by 20% this year, with most of the county affected by poor weather. Russian companies exported 37million tons in the first half of the export season. They cut almost 70% in export quotas for the second half of the season to protect the domestic market. 
• The federal reserve held interest rates steady on Wednesday, leaving interest rates at 4.25%. The fed continues to reiterate that inflation remains elevated.