TFM Midday Update 12-20-2024

MERRY CHRISTMAS FROM ALL OF US AT TOTAL FARM MARKETING!

TUESDAY, DECEMBER 24: The CME closes at 12:15 p.m. (CT), and Total Farm Marketing offices close at 1:00 p.m. (CT).

WEDNESDAY, DECEMBER 25: The CME and Total Farm Marketing offices are closed.

CORN

Corn continues its positive momentum, trading higher as we hit midday, supported by strong export demand and a tighter supply outlook highlighted in the USDA’s Supply and Demand report released last week.
The USDA has confirmed the sale of 150,000 MT of U.S. corn for delivery to Colombia in the 24/25 year. Year-to-date U.S. corn exports are up 31% compared to the same period in the 23/24 year.
While U.S. exports are strong in 24/25, this growth is expected to slow as the South American corn harvest becomes available.

Soybeans continue to show strength at midday, driven by soybean meal, while soybean oil remains lower.
U.S. soybean exports have increased by 22% in the 24/25 year compared to the same period in 23/24. However, these strong exports are expected to decline as global buyers anticipate a robust harvest in South America.
Weather conditions in Brazil continue to bring scattered showers, with favorable conditions expected through the year-end, aiding the filling of soybean pods. In southern South America, precipitation remains below normal, but it is timely enough to support soybean growth.

Wheat faces resistance at midday, trading lower due to strong export competition and the strength of the U.S. dollar.
Earlier this week, Russia lowered its 2025 wheat crop forecast by 4%. This projected decline in Russia’s wheat production, the world’s top wheat exporter, could provide support for wheat prices, potentially driving them higher.
Since the start of the 24/25 marketing year on July 1st, U.S. wheat exports are up 28% compared to the same period in 23/24. However, the current strong export pace may face resistance due to the strength of the U.S. dollar, which could hinder foreign demand.

Lauren VandenLangenberg