CORN

• Corn trades higher at midday. March futures have now traded above the 200-day moving average for the first time since May.
• Brazil’s corn exports are expected to total 4.1 mmt for the month of December according to ANEC. This was unchanged from their previous estimate.
• Weather conditions in Argentina remain favorable but could see some dryness in the southeast portion of the country over the next 10 days.

SOYBEANS

• Soybeans are seeing double digit gains at midday after the Brazilian real trades higher. The two have been positively correlated recently.
• Conab reported that Brazil is expected to export 105.5 mmt of soybeans in the 24/25 season. Through November of this year, the country’s soybean exports total 96.8 mmt, which is down 46% from the previous period.
• Brazil’s weather forecasts continue to show rainfall which will keep conditions favorable for the soybean crop.

WHEAT

• All three wheat classes are higher at midday after Russia increased missile attacks on Ukraine’s energy grid yesterday.
• Israel has reported that over 40 square kilometers of wheat sown in November has been destroyed due to drought.
• Western Plains states will lean drier over the next week while the Eastern half could receive up to 2 inches of rain.

Author

Tanner Wilson