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Delayed Pricing for Corn, Beans & Wheat
Corn 4 cents / month Starting 9/5/2024
Beans 5 cents / month Starting 9/5/2024
Wheat 6 cents / month Starting 7/22/24
GRAIN REPORTS:
Click Here for the 2024 Agricultural Report Calendar.
Weekly Export Inspections: Monday (10:00 am)
Weekly Ethanol Production: Wednesday (9:30 am)
Weekly Export Sales: Thursday (7:30 am)
USDA Drought Monitor: Thursday (7:00 am)
MORNING COMMENTS:
Friday Dec. 20th, 2024
Corn +3
Corn futures are trading higher this morning and trying to close higher for the third week in a row. March 25 futures are finding some support around its 9-week average of 4.37’0. December 25 futures are trading between its 20-day and 50-day moving averages. The pressure from the bean and the wheat markets have limited gains in the corn market. There are some rumors that the hot and dry weather conditions in Argentina could also be providing some support to the US corn markets. Argentina’s weather forecasts for the remainder of December and most of January are predicting the hot and dry conditions to continue. The Buenos Aires Grain Exchange stated that Argentina’s corn planting progress is around 66% complete.
Beans +8
Bean futures are trading higher this morning along with bean meal and oil. March 25 futures are trading close to its 10-day moving average of 9.86’2. November 25 futures remain below all its moving averages. Most of the processors in the Eastern Corn Belt rolled to March 25 futures yesterday. We will mostly continue to see choppy trade ahead of the holiday next week. There is a chance processor bids/cash markets could get aggressive after the holiday weeks.
Spring Wheat +4
Winter Wheat +2
Wheat futures are higher in both markets this morning. Mpls March 25 futures are trying to stay above its contract low of 5.83’0. KC March 25 futures are finding some support around 5.40’0 this morning. The market continues to learn about the European Union’s growing wheat crop. The Black Sea Region and Russia continue to struggle with dry conditions. Harvest continues to move along in Australia.
Hallie T
USDA Report Dec 10th
Carryouts
Corn 1,738 < 1,938 in Nov
Exports up 150
Ethanol up 50
Soybeans 470 = 470 in Nov
USDA World Ending Stocks
Corn 296.44 < 304.14 Nov
Beans 131.87 > 131.74 Nov
Wheat 257.88 > 257.57 Nov
South American Production
Brazil Corn 127 = 127 Nov
Brazil Beans 169 = 169 Nov
Argentina Corn 51 = 51 Nov
Argentina Beans 52 > 51 Nov
NOPA Soybean Crush for Oct
199.96 mil bu > 196.8 Est.
(a monthly record)
Soybean Oil Stocks
1069 mil lbs < 1090 Est
Production Estimates for Brazil
CONAB Beans 166.14 mmt
Abiove Beans 167.7 mmt
USDA Beans 169.0 mmt
CONAB Corn 119.81 mmt
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