Morning Markets: Corn: +1.75 old & +1.25 new.
Beans: +1 old & new. Wheat: +3.
MARKET SUMMARY:
Good morning. Wednesday's mid-week recovery bounce has spilled over into day two this morning with all three of the corn, bean and wheat markets trading in the green through the overnight hours for a second consecutive day. News this morning remains mostly limited from a headline standpoint, and we assume the center of discussion will remain Monday's USDA numbers and crop sizes in South America. Corn futures this morning are trading 1-2 cents higher, soybean futures are trading around a penny higher, and the Chicago wheat market is trading 3-4 cents higher.
Crude Oil is down $2.67 at $59.21
US Dollar is up at $99.26
Dow futures are down 17 points at 49,339
WEATHER:
- Again not a lot new this morning on the weather forecast for the Midwest the next few days, with some scattered snowfall still expected to impact the northern and northeastern part of the region the rest of the week and into the weekend, while areas to the south and southwest see more limited moisture chances. Longer term though, models are still trending wetter in the eastern US into the back half of the month, and are also keeping cooler air place.
- Rains have fallen overnight through Argentina, though totals have been somewhat scattered variable. Additional rains are expected here into the morning, with then another round of storms seen towards the end of the weekend and into the first part of next week. Central and western Brazil stays on the drier side through the weekend, as rains here continue to favor a pocket further to the east.
OTHER HEADLINES:
- For Thursday morning, the CME Group last night assigned another 68 contracts of soybeans for delivery, along with 11 contracts of soybean meal, 3 contracts of soybean oil, and 5 contracts of rough rice.
- This morning's weekly export sales report, with data for the week ending January 8th, is expected to show corn sales in the week in a range of 600k-1.5 mil MTs, soybean sales in a range of 800k-1.8 mil MTs, and wheat sales in a range of 100k-400k MTs. On average, all three figures if accurate would be up from the week prior, which was on the lighter side still due to the holidays. The report will be out its regular 7:30am central time this morning.
- Also out this morning will be monthly soybean crush data from NOPA, which is expected to show US soybean crush in the month of December at 224.809 mil bu, which if accurate, would be the second highest monthly figure ever; the number would also be up 4% from November and up nearly 9% from the same month last year. Soybean oil stocks as of the end of December are seen at 1.686 bil lbs, which would be up 11% from the month prior and up more than 36% from the same month last year. The report will be out at 11am central time.
- The Rosario Grain Exchange on Wednesday said they see Argentine corn production at 62 MMTs, which is up 1 MMT from their previous estimate and again would be a new record. It wasn't weather or yields, but planted area that the group cited as reason for the increase. If accurate, the figure would be up nearly 10 MMTs from the previous record set in 2023/24.
- Sources familiar with the matter said on Wednesday that Senator Chuck Grassley prodded the EPA in a letter to answer concerns raised about how its administering SREs from biofuel blending mandates, though it didn't seem any sort of response had been given as of this morning. The comments come amid ongoing policy discussions on the 45Z tax clean fuel tax credit that is back in the news this week, as well as still no ruling on what biofuel blending mandates will be both for 2026 and 2027.
EXPORT NEWS:
- N/A
Be careful!
Bailey Runyen
Grain Originator | Topflight Grain Coop.
101 N. Main St. | Cisco, IL 61830
Phone :: 217-669-2141
Email :: brunyen@tfgrain.com
