TFM Midday Update 12-23-2024

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

The corn market is mixed and near unchanged in quiet two-sided trade with little fresh news in a shortened holiday week.
This morning the USDA announced private export sales totaling 132,000 tons of corn for delivery to unknown destinations for the 24/25 marketing year.
According to Friday’s CFTC report, managed funds sold 6,475 corn contracts during the week ending December 17, reducing their net long position to 159,415 contracts as of Tuesday, December 17.
The Buenos Aires Grain Exchange reported that Argentina’s corn planting progress has reached 65.8%, up from 55.6% the previous week.

Soybeans are trading near the low end of their trading range despite a flash sale to China, with pressure coming from lower soybean meal on reports of unexpected weekend rainfall in Argentina.
This morning the USDA announced private export sales totaling 132,000 tons of soybeans for delivery to China for the 24/25 marketing year.
Friday’s CFTC report showed managed funds selling 17,932 soybean futures contracts as of Tuesday, December 17, increasing their net short position to 76,252 contracts.
The Buenos Aires Grain Exchange reported that 76.6% of Argentina’s soybean crop has been planted, up from 65.7% the previous week, with a total planted area of 18.6 million hectares.

The wheat complex is higher across all three classes as traders begin to square positions ahead of the Christmas holiday break with little fresh news to trade.
Friday’s CFTC report showed managed funds selling 20,622 Chicago wheat contracts, increasing their net short position to 87,401 contracts. In KC wheat, funds covered 3,369 contracts, reducing their net short position to 33,067 contracts. Meanwhile, funds bought 4,045 Minneapolis wheat futures to bring their net short position to 27,017 contracts.
SovEcon lowered its Russian wheat crop estimate by 3 mmt to 78.7 mmt, the smallest crop since 2021. Reduced Russian production could support higher wheat futures.

Scott Masters