Markets are trading higher overnight with corn and beans at their recent highs as year-end approaches and Argentina continues to deal with dry weather.

The weekly CFTC report will be out this afternoon.

Managed funds on Friday were estimated as buyers of 1k corn to push the net long out to 175k, net sellers of 3k beans to push the net short to 70k, and net buyers of 3k wheat to reduce the net short to 78k.

Weekly EIA data was out on Friday and showed ethanol production up 4k bbls per day to 1,107k bbls. Stocks were up by 438k bbls to 23,075k. Production was again larger than necessary to hit the USDA’s current corn usage forecast.

The USDA attaché in Brazil estimated the Brazilian bean crop at 165mmt, which is below the USDA’s current estimate of 169 mmt.

Russia’s state weather agency over the weekend said warmer than usual weather was hurting already low rated crops in their Central and Volga growing areas.

Egypt is believed to have bought 1.267 mmt of wheat, mostly of Russian origin.

Russian statistical agency Rosstat estimated the 2024 Russian wheat crop at 82 mmt (USDA 81.5). Egypt said they had locked in enough wheat to meet the country’s needs through the end of June 2025, although details of the purchases are limited right now.

Corn is hitting new recent highs this morning with the uptrend continuing. The market is overbought after recent gains with resistance near 4.60 and support 4.40.

Beans traded an inside day on Friday to finish lower, but the market has recovered Friday’s losses and is hitting recent highs this morning. Support for March is 9.80 and resistance 10.00.

Corn is hitting recent highs this morning with U.S. demand continuing to be very good and Argentina weather continuing to be very dry. With that said, the market is trading into the upper end of the 4.50-4.60 resistance area with a lot of cash corn expected to start moving after the first of the year. Producers can look at zero-cost option strategies to protect unsold bushels.

Beans pulled back on Friday but are seeing strong gains overnight with Argentine dryness supportive. The market is approaching resistance near 10.00 basis March with the U.S. and global supply outlook still comfortable on the back of the expected record crop in Brazil. Producers can use puts to protect unsold bushels.

Corn up 3

Beans up 6-9