With a USDA report out tomorrow, markets were impatiently treading water today. Farmer selling is typically slow in December, so that also removes some of the selling interest that otherwise see. We find ourselves in the holiday haze period when the markets tend to drift. That doesn’t remove the downside risk for the cash markets, but it does open the door for those cash markets to firm a bit if given the opportunity.
In today's export inspections report, corn exports were strong, with soybeans on par, and wheat falling behind expectations. Marketing year to date corn export inspections to all destinations total 478 million bushels, up 116 million bushels or 32% from the previous year's pace, and 59 million bushels above the seasonal pace needed to hit USDA's target. Marketing year to date soybean export inspections to all destinations total 861 million bushels, up 135 million bushels or 19% from the previous year's pace and 88 million bushels above the seasonal pace needed to hit USDA's target after China essentially emptied Brazil's shelves earlier this year. What will happen once Brazilian new-crop supplies start becoming available next month?
Tomorrow will be the last WASDE of 2024. Analysts see USDA cutting U.S. corn ending stocks due to good export and ethanol demand. Soybeans and wheat are seen mostly steady from last month.
Russian grain exporters unsurprisingly announced that they are ready to cooperate with the new Egyptian military agency that is taking over for GASC.
Today we were picking up $7 new crop SRW GPOs. There is a lot of wheat in the ground, do you have any sold? Give Megan a call tomorrow to chat!
Funds were thought to be mixed with corn and wheat a buyer and beans a seller.
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