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.