CORN

• Corn futures are higher at midday as corn continues in its sideways trading range. March corn futures are up 5-1/2 cents currently at 443.
• With the January WASDE report due out in one week, early expectations are beginning to circulate. Most estimates are calling for a 2–4 bushel-per-acre reduction in the 2025 U.S. corn yield, which was pegged at 186 bpa in November.
• U.S. corn demand is expected to remain strong, particularly as logistical challenges continue to constrain corn movement out of Ukraine. To date this marketing year, Ukraine has shipped just 6 mmt of corn, compared with roughly 10 mmt at the same point last year.

SOYBEANS

• Soybeans are higher at midday as prices look to bounce off of recently oversold levels. March futures are currently 10 cents higher, trading at 1056.
• November soybean crush came in slightly below the average trade estimate at 220.5 mb. Soybean oil stocks increased to 2.16 billion pounds, the highest level in approximately 18 months.
• While weather conditions remain largely favorable across northern and central Brazil, forecasts call for warmer and drier-than-normal conditions over the next week in southern Brazil and Argentina.

WHEAT

• Wheat futures are higher to start the week with March Chicago wheat up 2 cents at 508-1/2, March KC wheat up 1-1/2 at 516-1/2, and March Spring wheat up a ½ cent at 571-1/4.
• Major wheat exporters of the world are thought to have a combined 40 mmt more of wheat on hand than a year ago.
• A sharp warming trend for the Plains this week could leave the wheat crop vulnerable to a cold snap in the weeks to come.

Author

Keegan Madigan