Markets are trading higher overnight with wheat seeing the best gains while corn and beans are in the green too.

The USDA will be out with their December WASDE report at 11 tomorrow.

Friday’s cftc report showed that for the week ending 12/3, managed funds were net sellers of 8k corn to reduce the net short to 88k, net buyers of 9k beans to reduce the net short to 72, and net sellers of 10k wheat to push the net short out to 69k. The corn long was smaller than expected, bean short smaller than expected, and wheat short larger than expected.

Funds on Friday were estimated as net buyers of 8k corn to push the net long to 100k, net buyers of 1k beans to reduce the net short to 70k, and net buyers of 1k wheat to reduce the net short to 63k.

Ag Rural reported Brazilian beans were 95% planted, which compares to 91% at this time a year ago.

APK-Inform raised their forecast for Ukraine soybean and canola production for 2025 with soybean production estimated at 6.15 mmt. They estimated 2024/25 corn harvest at 24.9 mmt (26.2).

Russia said they would raise the export duty on their wheat by 32% in an effort to curb exports and slow inflation.

Russian grain exporters said they would continue to supply wheat to Syria despite the political turmoil there.

The first shipment of a 430 tmt sale of Russian wheat to Egypt started to load this weekend, which was a 3-month delay as both sides disagreed on prices.

Indonesia said they would need to import 900 tmt of food grade corn in 2025.

Corn posted a higher high, higher low, and higher close on Friday with the market working further into the upper end of the recent range today. The market is getting to be overbought with trendline resistance just above the market. Support is 4.23 and resistance 4.42.

Beans posted a higher high and higher low on Friday but finished unchanged. The market is still range-bound. Directional indicators are neutral. Support for Jan. is near 9.80 and resistance 10.09.

The corn outlook is little changed with prices continuing their sideways grind. Demand continues to be strong, but supply is adequate as well. With the market approaching resistance levels at the upper end of the range, producers should make sure sales are caught up and can look at downside price protection on unsold bushels.

Beans are starting the week off firm with prices working higher within their trading range. Beans still have the weakest fundamentals moving forward with global supplies expected to weigh on prices. Producers should look at downside protection for unsold bushels.

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Corn up 1

Beans up 3-5

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