Written Commentary
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 150 mt US corn sold to Colombia. In January, USDA will update US and World supply and demand and release Dec 1 stocks and an estimate of final US 2024 production. Some could see USDA increasing US 2024/25 corn exports 100 mil bu. This could drop carryout to 1,638 mil bu. Some estimate US 2025 corn acres at 92.8 mil vs 90.7 this year. A 184.0 yield would suggest a crop of 15,547 vs 15,143 this year.
SOYBEANS
Soybean futures ended higher and near 9.79. Futures are up 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. Brazil is expected to see normal weather over the next 2 weeks. Argentina 2 week forecast is drier. In January, USDA will update US and World supply and demand and release Dec 1 stocks and an estimate of final US 2024 production. Some could see USDA increasing US 2024/25 crush 50 mil bu but lower exports 50. This could keep carryout at 470 mil bu. Some estimate US 2025 soybean acres at 84.0 mil vs 87.1 this year. A 52.0 yield would suggest a crop of 4,443 vs 4,461 this year.
WHEAT
Wheat futures ended slightly higher with WH near 5.34. 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. In January, USDA will update US and World supply and demand and release Dec 1 stocks and an estimate of final US 2024 production. Most look for USDA keep carryout at 795 mil bu. Some estimate US 2025 wheat acres at 46.3 mil vs 46.1 this year. A 50.5 yield would suggest a crop of 1,928 vs 1,971 this year.
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