CORN

• Corn is slightly lower at midday with little trading activity due to the shortened trading hours.
• Drought conditions in Mexico have caused the country to ramp up corn purchases from the U.S. The dry pattern is expected to continue which could keep Mexico active in buying U.S. grain.
• Yesterday’s EIA report showed ethanol production at 1.102 mbpd which was down 9% from last week but up 3.8% from the same week last year. Ethanol stocks increased to 24.148 mb which was the highest since May 17, 2024.

SOYBEANS

• Soybeans remain mostly lower at midday on potential rainfall in Argentina in the 10–15 day forecast.
• Soybean harvest has started in Brazil’s largest soybean production state. According to IMEA, an agriculture institute in the Mato Grasso state, soybean production is estimated to rise 12.78% to 44 mmt.
• According to Anec, Brazil’s January soybean exports are estimated at 1.71 mmt, which is down almost 30% from January 2023.

WHEAT

• Wheat continues to trade lower at midday on rain showers in Texas and Oklahoma and estimates of rising U.S. ending stocks in tomorrow’s WASDE report.
• Bolivia’s government extended their tariff exemption on wheat imports through August 31, 2025. The exemption was originally scheduled to end on December 31, 2024. The government hopes this will help build wheat and wheat flour supplies after producers mentioned they would increase prices.
• India’s wheat production forecast was unchanged from the previous forecast at 112.7 mmt.

Author

Tanner Wilson