CORN

• Corn ended the day on Tuesday near the top of its recent range and near resistance at $4.50 in the March contract. Corn has technically been in an uptrend since August, but has been unable to break $4.50.
• Estimates for 2025 corn planted acreage see numbers higher than last year. This year, 91.8 million acres were planted, and 94.6 million are projected for next year.
• Basis levels in corn have begun to slip as higher futures have encouraged producers to make cash sales.

SOYBEANS

• Soybeans closed 4 cents higher on Tuesday, and while prices have recovered from their recent contract lows at $9.47 in the March contract, are still in an overall down trend.
• The Brazilian real is already trading today and is higher this morning which could give an indication of higher soybean prices as they have been positively correlated recently.
• While the majority of Brazil has seen very good weather, the southern part of the country along with Argentina may now be facing a period of dry weather which could be friendly for soybean meal prices.

WHEAT

• All three wheat classes ended the day lower on Tuesday and remain in downtrends. The dollar is trading slightly lower which could lend some support to wheat futures.
• Turkey announced that it will ease their strict wheat import policy next year in an effort to increase supplies and lower domestic prices.
• SovEcon has downgraded the 24/25 Russian wheat export forecast to 43.7 mmt from 44.1 mmt previously as a result of lower expected production.

Author

Amanda Brill