TFM Morning Update 12-31-2024

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 this morning after mixed trade yesterday that ultimately saw prices lower in a bearish reversal. March corn futures reached a six-month high yesterday.
In Argentina, the Buenos Aires Grain Exchange said that 81% of the country’s corn crop was planted, but 20% is tasseling and 12% is silking. The drier 10-day forecast will likely support prices.
Yesterday’s CFTC report showed funds as buyers of corn as of December 24. They bought 1,532 contracts which left them net long 160,947 contracts.

Soybeans are trading higher this morning and yesterday, March futures exceeded $10.00 before slipping lower. There were 109 deliveries against January soybeans, 1,116 against soybean meal, and 425 against soybean oil.
The USDA attaché in Brazil is now estimating the 24/25 crop in the country at 165 mmt. Planted acreage grew from last year, and crop estimates have continued to grow as the season continues.
Yesterday’s CFTC report saw funds as buyers of 8,369 contracts. This reduced their net short position to 67,883 contracts.

All three wheat classes are trading higher this morning with KC wheat leading the way. Trade was mixed yesterday but wheat ultimately ended the day higher. Production concerns in Russia have been supportive.
Russian wheat values have increased, with consultancy IKAR reporting that offers have increased by $3/mt in the past week to $237/mt. Russian wheat exports are expected to fall as production estimates shrink.
Yesterday’s CFTC report showed funds as sellers of 7,608 contracts of Chicago wheat leaving them net short 95,009 contracts. They sold 1,869 contracts of KC wheat which left them short 34,936 contracts.

Amanda Brill