TFM Morning Update 01-30-2024


  • Corn is trading lower this morning after yesterday’s selloff, and the March contract took out the low from the 18th making a new contract low.
  • Funds were estimated to sell about 4,500 contracts of corn yesterday as bearish sentiment continues, and they are nearing a record large short position.
  • The world’s largest corn ethanol producer, Poet, is working with another company that is proposing a large carbon capture and storage project with the goal of cutting biofuel emissions and to capture demand for sustainable aviation fuel.
  • There has been some friendly news for corn with higher crude oil prices supportive to ethanol and larger hog production supportive of feed demand, but funds continue to sell.


  • Soybeans are trading only slightly lower this morning after a large selloff yesterday. Soybean meal is slightly higher again today while soybean oil is lower.
  • As of January 25, Brazil is reportedly 11% complete with harvest which compares to 6% the previous week and 5% the year prior. Corn planting is beginning along with harvest.
  • Shipping has temporarily halted on the Parana River in Brazil after a carrier crashed into a bridge, and this could impact the movement of soybeans as harvest is underway.
  • It has been reported on social media that Brazilian soybeans are being imported into the US as they now have cheaper offers as harvest continues.


  • All three wheat classes are trading lower this morning as low export demand continues to weigh on prices. Concerns about the Chinese economy and its demand have not helped wheat.
  • Latvia’s government is looking to ban imports of grain from Russia and Belarus in an attempt to stabilize domestic prices. A previous attempt to do this was unsuccessful.
  • In Argentina, the wheat harvest is reportedly finished with total production estimated at 15.1 mmt. Last season, production was pegged at 12.2 mmt.
  • Russian wheat prices have fallen again due to an increase in supply in the Black Sea region, but exports have risen. The price of 12.5% protein Russian wheat was down $3 per metric ton from the previous week.


Amanda Brill

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