Monday February 24, 2025

• The market is starting off the day in the red.
• Argentina’s forecast shifted wetter on Friday, the wetter forecast may be contributing to some of the weakness we are seeing this morning.  
• Fridays CFTC report showed the funds liquidating short corn positions while adding to their established longs. This pushed total fund positions to a net long of 353k contracts as of last Tuesday. 
• Last week Brazils second crop corn was estimated at 60% planted, this is only slightly behind last years 66%. While the current pace is behind last years this is the second fastest planting pace since 2019 (see map & chart below).
  • Brazils 2nd corn crop areas will see more normal seasonal rainfall.
• Corn: March 2025 corn futures traded as high as $5.04 last week and is now trading below 4.90.
  • Some will argue that this correction in the market was overdue with the multi month rally we’ve seen.
• Brazilian soybean harvest is closely mirroring last seasons. Brazils soybean areas are expected to be drier than normal during the next two weeks of harvest.