CORN
- Corn futures looked to bounce back higher after opening lower but strong price increases over the past two days have caused a slight pullback today.
- AgResource slightly lowered their estimate for Brazil’s 24/25 corn crop from 123.56 mmt to 122.39 mmt.
- Taiwan’s MFIG purchasing group announced an international tender for 65,000 mt of animal feed corn. The corn can be sourced from the US, Argentina, Brazil, or South Africa.
SOYBEANS
- Soybeans are weaker at midday after two strong trading days in a row. Slow harvest pace in Brazil could keep support under the market on breaks.
- AgRural estimates that soybean harvest in Brazil is 0.3% done as of January 9th. This compares to 2.3% completed the same week last year.
- The USDA confirmed the sale of 198,000 mt of US soybeans to China for delivery in 24/25.
WHEAT
- All three wheat classes reversed higher at midday as the dollar backs off a 26-month high.
- IKAR estimates Russian wheat exports for January were down 3.8% from December at 2.2-2.5 mmt. This is the lowest monthly exports for the month of January since 2019.
- Subzero temperatures are expected for much of the plains states this weekend and into next week.
Author
Tanner Wilson