Corn

Ukraine's Ministry of Agriculture expects the 2025 corn acreage to increase by 500,000 hectares (approximately 1.24 million acres), mainly due to a reduction in soybean acreage. Meanwhile, ANEC forecasts that Brazil's corn exports in November will reach 5.57 million metric tons, slightly higher than the previous estimate of 5.38 million metric tons. However, this figure is still lower than the 6.4 million metric tons in October and nearly 2 million metric tons below the same period in 2023.

The December 2024 contract closed at 427.25 cents/bushel, down 2 cents, equivalent to a 0.47% decrease.

Wheat

Over the weekend, President Biden gave the green light for Ukraine to use U.S.-supplied long-range missiles to strike inside Russian territory. Following this approval, Ukraine launched U.S.-made ATACMS missiles into Russian border regions overnight.

The weekly Crop Progress report from NASS showed that U.S. winter wheat crop condition improved by another 5%, reaching 49% good/excellent, with the Brugler500 index rising 12 points to 338. Kansas ratings increased by 6 points, Texas showed a significant 38-point increase, and Oklahoma improved by 15 points. The 7-day forecast indicates that much of the Southern Plains will remain dry, with only very light rainfall expected in some SRW areas.

Ukraine's Ministry of Agriculture expects the 2025 wheat acreage to increase by 0.4 million hectares (~1 million acres) compared to last year, with production expected to reach 25 million metric tons, an increase of 3 million metric tons from the current 2024 crop projection. EU soft wheat exports from July 1 to November 17 totaled 8.79 million metric tons, down 3.87 million metric tons from the same period last year.

The December wheat contract closed at 549.75 cents/bushel, up 2.5 cents, equivalent to a 0.46% increase.

Soybeans

Brazilian soybean exports in November are expected to total 2.8 million metric tons, according to the latest ANEC estimate, slightly below the previous projection. This figure is also down from 4.7 million metric tons in October and nearly half of what was reported in November 2023.

Abiove projects the 2024/25 crop production to reach 167.7 million metric tons.

An announcement regarding an agricultural product agreement between Brazil and China is expected this Wednesday.

The January 2025 soybean contract closed at 998.5 cents/bushel, down 11.25 cents, equivalent to a 1.11% decrease.