Market Summary
1. Corn Market Outlook
- Demand Outlook: USDA raised 2024/25 corn demand outlooks unexpectedly, with sales pace 335 million bushels ahead of last year.
- Stocks: Ending stocks expected to decline to 1.6 billion bushels or lower for major price outlook change.
- Yield: Smaller US final 2024 corn yield could further support bullish case.
2. Wheat Market
- US Exports: Increased by 25 million bushels to 850 million, with imports also up by 5 bushels.
- Ending Stocks: Down 20 million to 795 million.
3. Soybeans Market
- Supply/Demand: USDA left data unchanged, but lowered season-average price to $10.20 per bushel.
- Trade Policy: Concerns over potential changes in trade policy affecting demand.
4. International Market
- Corn Stocks: Tightened due to sharp drop in US carryover.
- Production: USDA lowered Mexico's corn crop by 800,000 tons, China reduced by 3.2 mmt.
5. CBOT March 2025 Corn Futures
- Current Market Values: Not specified.
- Weather/Crop Progress: Reports not applicable until Spring 2025.
6. Distiller’s Dried Grains with Solubles (DDGS)
- Prices: Averaged $149 per short ton, unchanged from previous report.
- Production: U.S. ethanol production averaged 1,078 thousand barrels per day.
7. Ocean Freight Markets and Spreads
- Contract: International Longshore Association and U.S. Maritime Alliance contract set to expire January 15, 2025.
- Red Sea: No new attacks on vessels announced, with owners and operators bypassing the area.
8. U.S. Export Statistics
- Corn: Net sales down 45% from the previous week, exports up 13% from the previous week.
- Barley: Total net sales of 500 MT for 2024/2025, exports to Japan and Canada.
- Sorghum: Total net sales up 46% from the previous week, exports down 52% from the previous week to China.
