Good morning,
Corn is down 1 and soybeans are up 7 to start the day.
Following a rough day yesterday, corn and soybeans have rebounded overnight and appear to be led by higher veg oil prices. Short covering in front of the weekend is to be expected. The US dollar continues to march higher and South American weather remains generally favorable for crops. Traders remain concerned about what government policies will look like in 2025 and beyond, adding more pressure to the markets.
The Buenos Aires Exchange reported Argentine soybean planting at 20% done this week, up a strong 12% from last week due to better moisture supplies; corn planting hit 39% done with wheat planting at 17% complete. Brazilian rains again fell in the north yesterday and coverage and amounts look strong through most of the country’s crop areas over the next week-plus.
Look for the markets to continue their sideways trend in the coming weeks as there is little fundamental news to give us direction. Expectations for Q1 appear to be lower with sufficient stocks and a party change in the Whitehouse that has traders questioning export business. Time will Tell!
Have a Safe Weekend!
Garry Gard
920-348-6844
ggard@didioninc.com
