FROM ALL OF US AT TOTAL FARM MARKETING, HAVE A HAPPY AND PROSPEROUS NEW YEAR!
TUESDAY, DECEMBER 31: The CME has regular trading hours, and Total Farm Marketing offices will close at 3:00 p.m. (CT).
WEDNESDAY, JANUARY 1: The CME and Total Farm Marketing offices are closed.
CORN
- Corn is trading higher at midday on some end of year support ahead of the New Year’s holiday.
- Weather conditions remain favorable for most of Brazil while dryness in Argentina remains a concern if no rainfall lands soon.
- China’s corn imports continue to fall well below last year’s pace. January through November corn imports are down 39.9% year-over-year to 13.3 mmt.
SOYBEANS
- Soybeans continue to firm at midday on some flow-over support from funds reducing their net short position yesterday.
- Funds sold more than 22,000 soybean oil contracts yesterday, which makes for their largest short positioning in 14 weeks.
- USDA attaché in Brazil is now forecasting the 24/25 crop at 165 mmt as planted acreage continues to grow.
WHEAT
- All three wheat classes are trading higher at midday on lower Russian production estimates.
- Weather in the Northern Plains states will bring subzero temperatures this weekend. Although winterkill is expected to be limited, it will still be an area of concern.
- Yesterday’s CFTC report showed managed money holding an 8-month high of short positioning at just over 95,000 contracts. Short covering could move prices in a bullish direction.
Author
Tanner Wilson