TFM Midday Update 1-13-2025

CORN

  • Corn futures are higher across the board at midday, continuing their rally higher after Friday’s supportive data from the USDA.
  • Strong demand and lower production have driven U.S. corn carryout estimates down by 517 million bushels since September, now pegged at 1.54 billion bushels in the January report.
  • The Biden Administration is expected to release guidance this week on a climate model for clean fuel tax credits. According to Reuters, the proposed changes could significantly limit ethanol producers’ access to subsidies for sustainable aviation fuel production.

SOYBEANS

  • Soybeans are higher at midday on follow-through buying from Friday’s friendly USDA report.
  • Soil moisture levels in Argentina are continuing to diminish across many regions due to well-above-normal temperatures and minimal rainfall. Relief is not expected until this coming weekend, when chances for precipitation may improve.
  • The USDA announced this morning the sale of 198,000 tons of soybeans for delivery to China during the current 2024/25 marketing year.

WHEAT

  • Wheat futures are higher at midday following the lead of the corn and soybean markets higher.
  • After a strong finish to last week the US dollar index is higher again on Monday and back above its recent highs.
  • Due to the National Day of Mourning last week for Jimmy Carter, CFTC Commitment of Traders data will be released this afternoon.

Author

Keegan Madigan

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