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Turnaround Tuesday action today was spurred by some bargain buying support with technical support on the backend. USDA confirmed the sale of 359,500 tonnes of U.S. corn for delivery to Mexico in 2024/25. Today's corn close above $4.13 leads to some optimism that corn may have a real demand story behind it to carry us higher longer term (likely not until at least post-harvest).
Russia's 2025 wheat harvest is seen around similar levels as 2024 (currently estimated at 83 mmt). The 2025 private estimates range from about 80-85 mmt. That would be down notably from 2023 (92.8 mmt) and 2022 (104.2 mmt). Lower area and bad weather are factors this year.
December soybean oil closed at 43.69, up 1.30. Bean oil took out last week's highs. Election uncertainty may be playing into the soybean volatility, as China is such a major component of that demand piece.
Funds were thought to have been all buyers.
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