Corn

A report on Tuesday initially suggested there would be no finalized guidance on the Clean Fuel Production Tax Credit (45Z) before the end of the Biden administration’s term. However, later in the day, DTN reported that the Treasury Department clarified guidance would be issued before the administration concludes its term.

The USDA’s October Grain Crushings report indicated that 460.49 million bushels of corn were used for ethanol production during the month. This figure represents a 0.4% decrease from last year but a 3% increase from the previous month.

The January 2025 corn contract settled at 432.25 cents per bushel, down 0.25 cents, or 0.06%.

Wheat

After some dry conditions were alleviated in November, drought is expected to return to many U.S. winter wheat-growing areas in the coming week.

Japan is tendering to purchase 111,405 tons of wheat from Australia, Canada, and the U.S., including 56,945 tons specifically from the U.S. The European Union exported 9.48 million tons of soft wheat between July 1 and December 1, according to the European Commission. This is significantly lower than the 13.75 million tons exported during the same period last year.

The January 2025 wheat contract settled at 547.5 cents per bushel, down 0.25 cents, or 0.05%.

Soybeans

Brazil is forecasted to receive substantial rainfall across most regions in the coming week, though the outlook from December 11 to 19 indicates more limited rainfall coverage.

The Monthly Oil & Fats Report showed 215.76 million bushels of soybeans were crushed to produce soybean oil in October, setting a new record and exceeding market expectations of 210.9 million bushels. This marks a 15.7% increase from September and a 7.15% rise from last year. Soybean oil stocks reached 1.485 billion pounds, up 1.1% year-over-year and month-over-month.

The January 2025 soybean contract settled at 991.75 cents per bushel, up 6.5 cents, or 0.66%.