CORN
- Corn is lower at midday after closing higher in eight of the last nine trading sessions.
- Corn export sales last week came in near the lower end of expectations totaling 30.6 mb, Mexico was the top buyer.
- US corn used for ethanol in November totaled 465 mb, 1.7% higher than November of 2023.
SOYBEANS
- Soybeans are trading lower at midday after a strong close to end 2024.
- Much of Argentina, Uruguay, southern Brazil and Paraguay will be mostly dry through the next two weeks.
- US soybean crushing in November totaled 210 mb, 5% higher than the same period last year according to the USDA.
WHEAT
- All three wheat classes are trading lower at midday yet again after the US Dollar traded to 26-month highs this week.
- A system will bring widespread snowfall across the heart of the US this weekend, snow totals will be heavier across the eastern Plains. Cold will likely set in for the next few weeks which may harm dormant winter wheat not covered by snow.
- Wheat export sales were poor last week coming in at just 5.2 mb, this was a marketing year low and down 77% from the previous week.
Author
Keegan Madigan