Grains Are Higher

MORNING AG OUTLOOK

 

Grains are higher. US stocks are higher. US Dollar is lower. Crude is unch near $73. Energies supported by China optimism and cold US weather. Gold is easier ahead of US jobs data and impact on US rates. CBOT will close early Jan 9 in observance of President Carter funeral. Jan 9 US export sales will be delayed until Jan 10. USDA US and World supply and demand, Dec 1 stocks and US 2025 winter wheat plantings report is still Jan 10. US Congress will certify Trump Presidency today. Trump could impose new sanctions on Russia and Iran. New Administration looking for one large omnibus to achieve goals.

 

 

SOYBEANS

SH is near 10.04. Dalian soybean, soymeal and soyoil were lower. N and C Brazil weather remains favorable for crops. Argentina weather is dry and warmer. Soybean export total export commit is near 40.1 mmt vs 36.3 ly. US crush should stay high which could add to soymeal supplies. Market will begin to position for USDA January reports of supply and demand, Dec 1 stocks and final US 2024 crop sizes. Dec 1 US soybean stocks are est at 3,230 mil bu vs 3,000 ly. US 2024 crop should stay near 4,460 mil bu. US 2024/25 carryout could drop to 460 mil bu vs USDA Dec est of 470.

CORN

CH is near 4.54. Dalian corn futures were higher. Argentina 10 day forecast remains dry. US total export total commit is near 38.8 mmt vs 29.8 ly. Market will begin to position for USDA January reports of supply and demand Dec 1 stocks and final US 2024 crop sizes. Dec 1 US corn stocks are est at 12,105 mil bu vs 12,171 ly. US 2024 crop should stay near USDA 15,143. US 2024/25 carryout could drop to 1,525 mil bu vs USDA Dec est of 1,738. CH resistance is near 4.60.

WHEAT

WH is near 5.33. KWH is near 5.41. MWH is near 5.82. Lower US Dollar, higher soybean and corn futures and talk of lower Russia supply may be offering support to wheat futures. US wheat total export commit is near 16.9 mmt vs 15.2 ly. Dec 1 US wheat stocks are est at 1,538 mil bu vs 1,421 ly. US 2024/25 carryout should remain at 790 mil bu. SRW 224 VS 274 ly. HRW 630 vs 508 ly.

 

 

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