TFM Midday Update 12-21-21

CORN

Mar corn up 5 @ 5.96
Corn inspections totaled 39.4 mb
Corn export demand is growing for Canada and Mexico
Traders may be positioning themselves ahead of the long holiday weekend
Russia has reduced the amount of gas being sent to Europe as tensions rise with Ukraine (causing energy prices to rally in Europe)
Chance of rain in Argentina and southern Brazil this week, but forecast remains mostly dry
Ukraine’s corn crop is estimated at 40 mmt
May corn on China’s Dalian exchange is around the equivalent of $10.82 per bushel

Jan soybeans up 19 @ 13.11
Soybean inspections totaled 61.7 mb
Soybeans showing impressive strength at midday
Overnight, west-central Argentina received some showers
Talk that China may be interested in US and Brazilian soybean cargoes
US soybean export shipments remain behind the USDA’s forecast – they may lower export demand and raise carryout on the Jan 12 report
India has lowered their import tax on palm oil, but has also halted trading for several commodities (including soybeans) in an effort to curb food inflation

Mar wheat up 12 @ 7.90, Mar KC up 18 @ 8.31, Mar MNPLS up 2 @ 10.22
Wheat inspections totaled 7.8 mb (below the 15.2 mb per week needed to reach the USDA’s forecast)
US southern plains remain dry which may affect HRW wheat production
US northern plains and Canada are getting some snow, but moisture will still be needed in the spring to help crop conditions in those areas
China continues to buy Australian feed wheat
Chi and KC wheat have upward momentum when looking at stochastics

Brandon Doherty