CORN

• Corn is falling at midday on limited market news. Managed money traders look to keep the market supported on breaks after adding to their long position yesterday.
• USDA confirmed a sale of 170,400 mt of US corn to Mexico for delivery in 24/25.
• The French farm ministry raised their corn production estimate from 14.62 mmt last month to 15.00 mmt this month.

SOYBEANS

• Soybeans remain weaker at midday on favorable weather conditions in South America. The March contract pushed to new contract lows at $9.7250.
• USDA confirmed two soybean sales for delivery in 24/25. Spain took 187,000 mt while 132,000 mt were sold to unknown destinations.
• Yesterday’s NOPA report showed members crushed 193.185 mb of soybeans. This was below average trade estimates but still the highest on record for November.
• Soyoil stocks increased to 1.084 billion pounds, up from 1.074 billion pounds in October but remain at 10-year lows for the month.

WHEAT

• All three wheat classes have reversed lower at midday on above normal temperatures in the US, easing concerns of threats to the winter wheat crop.
• Sovecon cut Russia’s wheat production estimate 3 mmt to 78.7 mmt. This would be the smallest wheat crop Russia has seen since 2021.
• Mexican ag consultant group, GCMA, reported that drought conditions and low water levels in the Sonora region of Mexico could cause the country to seek out additional wheat imports to make up for lost production.

Author

Tanner Wilson