Wednesday January 29, 2025

  • Markets are starting off the day in the green.
    • Tariff threats still linger.
    • corn re-approaches highs.
  • Futures are rallying off drier weather forecasts for Argentina and Southern Brazil. The rainfall they received the past 5 days was enough rain for 60-65% of Southern Brazilian and Argentine cropland.
    • Delayed planting of the Safrinha corn crop in Brazil remains a bullish driver.
  • Old crop corn is approaching $5.00 futures which might be met with some resistance as US farmers take advantage of the rally. 
  • Renewed tariff threats sent the US dollar higher on Tuesday.
  • Sand was discovered in 51 truckloads of Brazilian soybean meal. The product originated in Mato Grosso, but authorities did not release the meals destination.
    • The incident coincides with China halting soybean shipments from Brazilian companies for not meeting plant health requirements.  
  • The USDA reported a flash sale of 132,000mt of corn to South Korea for 2024/2025 delivery.
  •  Below is a chart showing the current top 10 destinations for 24/25 US corn export sales so far this year. The chart is comparing this years pace to last years pace. All the top 10 buyers have booked more sales than last year at this point. The exception being China with barley a million bu this year compared to 72 mbu last year.