TFM Morning Update 12-23-2024

MERRY CHRISTMAS FROM ALL OF US AT TOTAL FARM MARKETING!

TUESDAY, DECEMBER 24: The CME closes at 12:15 p.m. (CT), and Total Farm Marketing offices close at 1:00 p.m. (CT).

WEDNESDAY, DECEMBER 25: The CME and Total Farm Marketing offices are closed.

CORN

Corn is trading higher this morning and is now just three cents off its recent December high in the March contract. Export and ethanol demand have both been supportive despite good weather in South America.
The Buenos Aires Grain Exchange updated its corn planting progress for Argentina which now sees the corn crop at 65.8% planted compared to 55.6% planted last week.
Friday’s CFTC report showed funds as sellers of corn as of December 17. They sold 6,475 contracts which left them net long 159,415 contracts.

Soybeans are trading higher this morning with support from soybean oil which is higher thanks to a rebound in palm oil futures. Towards the end of last week, the Brazilian real also rebounded which helped soybean prices.
In Argentina, the Buenos Aires Grain Exchange has reported that 76.6% of the soybean crop has been planted which compares to 65.7% last week. Total planted area is at 18.6 million hectares.
Friday’s CFTC report showed funds as sellers of soybeans. They sold 17,932 contracts of soybeans leaving them net short 76,252 contracts.

All three wheat classes are trading higher this morning with Minneapolis leading the way higher. Paris milling wheat futures are higher and supporting US wheat futures.
SovEcon has cut its estimate for the Russian wheat crop to the lowest level since 2021 at 78.7 mmt which is a decline of 3 mmt. Cuts in Russian production could be a catalyst for higher wheat futures.
Friday’s CFTC report showed funds as sellers of Chicago wheat by 20,622 contracts which left them net short 87,401 contracts. They bought back 3,369 contracts of KC wheat which left them net short 33,067 contracts.

Amanda Brill