TFM Midday Update 12-24-2024

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 continues to trade in the green at midday on some flow over support from yesterday’s export sales announcement of 132,000 mt for delivery to unknown destinations for 24/25.
Yesterday’s corn export inspections came in at 44.2 mb for the week ending December 19. This was down slightly from the week prior and the same week last year.
Deral estimates that Parana’s first corn crop will now reach 2.64 mmt compared to 2.59 mmt in their previous estimate.
China announced a 10-year plan to increase whole grain consumption. The plan states that it will encourage local governments to implement policies that will boost whole grain consumption while also citing the health benefits associated with whole grains.

Soybeans remain firm at midday on support from strong export inspections yesterday.
Soybean export inspections came in at 64.2 mb for the week ending December 19. This was higher than last week and last year.
Deral slightly raises Prana’s soybean production to 22.2 mmt, up just 0.5% from their previous forecast, but up 20% from last year.
Weather forecasts in Brazil remain ideal for the next two weeks, which could continue to boost their production chances.

All three wheat classes have reversed lower at midday on rainfall across the southern portion of the Plains states. Weather forecasts over the next 10 days call for rain for the rest of the region which could limit upside potential.
Yesterday’s wheat export inspections came in at 14.8 mb for the week ending December 19. This was up slightly from the previous week.
Sovecon lowered their 24/25 Russian wheat export forecast from 44.1 mmt to 43.7 mmt. This is due to lower expected production across the country.
Turkey announced they will ease their wheat import policy in the new year. This will allow the private sector to purchase more wheat from abroad than previously allowed.

Tanner Wilson