CORN
Corn futures ended higher and near 4.46. Brazil is expected to see normal weather over the next 2 weeks. Argentina 2 week forecast is drier. USDA announced 135 mt US corn sold to unknown. Season to date corn exports are near 568 mil bu vs 448 ly. USDA goal is 2,475 mil bu vs 2,292 ly. Some feel final exports could be closer to 2,500. Domestic use could be up 125 mil bu. Corn open interest has been increasing during recent rally. CH-CK spread has also firmed during rally as pipeline needs increase. Some feel US farmers should increase cash 2025 sales near 4.50 CZ.
SOYBEANS
Soybean futures ended lower and near 9.7c. Futures have rallied on talk Sino Grain may have bought 1.2 mmt US soybean over the last 2 weeks. Some say that this may be closer to 500 mt and political buying that could be cancelled if Trump imposes additional tariffs on China imports. There were no new US soybean sales announced today. Brazil is expected to see normal weather over the next 2 weeks. Argentina 2 week forecast is drier. Weekly US soybean exports were 64 mil bu. Season to date exports are near 992 mil bu vs 819 last year. USDA goal is 1,825 mil bu vs 1,695 last year. Some feel exports could be down 45 mil bu vs USDA but crush could be up 25 mil bu. Soybean open interest has been increasing during recent rally. SH-SK spread has firmed on both need doe crush and export. Some feel US farmer should increase 2025 cash sales near 10.00 SX.
WHEAT
Wheat futures ended higher with WH near 5.48. Low holiday volume and short covering offered support. World weather remains mostly favorable for 2025 North Hemisphere wheat crops. Higher Argentina and Australia supply could help offset talk of lower Russia exports and lower EU quality. Weekly US wheat exports were near 14.8 mil bu. Season to date exports are near 438 mil bu vs 345 ly. USDA goal is 850 mil bu vs 707 last year. Open interest has increased on the recent drop in prices. WH-WK spread is wide at -10. USDA suggest 2024/25 SRW end stocks will drop to 111 mil bu vs 126 ly and HRW stocks increase from 274 mil bu to 370.
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