12/12/24:  Corn got within a penny of the 6-month high yesterday after the reduction in ending stocks by the USDA on yesterday’s report.  Market anticipated the cut, but it was a bit bigger than they thought it would be this early into the crop year.  Regardless though, corn at the 6 month high had a cut like that priced in and today does not feel like a reason to break us above it.  Corn and wheat futures this morning are all off 5-6 cents per bu, corn is now 9 cents away from the high.  Weekly corn exports were below expectations for the first time in what feels like months.  946K MT with expectations at 1,100K-1,900K MT.  Colombia, Mexico, and Japan were the main buyers.  Even with missing expectations this week, sales pace is 8% ahead of pace vs what the USDA is predicting, an encouraging sign for Q1 of the crop year.  Soybeans were also below expectations at 1,173K MT, with China, Spain, and Mexico the main buyers.  Wheat just scratched over the lowest expectations at 290K MT, led by Spring wheat at 180K MT.  HRW sales were 44K MT and SWW were 35K MT.

USDA report 12/10/24:  Both wheat and corn ending stocks in the US lower than the market anticipated on this morning’s USDA report.  Corn ending stocks projected at 1.74 billion bu down from 1.94 billion bu on the November report.  Trade expected it to be around 1.91 billion bu, and the market is reacting favorably to the miss with futures now 6 cents off the 6-month highs.  Wheat ending stocks came in at .795 billion bu down from .815 billion bu in November.  This is below the average guess of the market of .814 billion bu but still in the range of expectations.  Soybeans were as expected with no change from the November number of .47 billion bu.  World carryout numbers followed suit with corn carryout down 8 million metric tons to 296.44 MMT.  Well below the markets expected number of 303.57 mmt.  World Wheat and Soybeans essentially unchanged from the November numbers.  Only note on the wheat by class is SWW stocks dropped from 95 to 80, USDA never seems to have the best handle on SWW compared to the other wheats, but that’s a significant drop and should help keep SWW bids from breaking in the near term.

  ***Tri Cities Grain now offering Grain Settlement ACH Payments as well as Vendor ACH payments. 1 page form to fill out in order to set up the process.  Please call with any questions

Click here for the ACH Payment form