Corn

In a post on Truth Social on Monday night, President-elect Trump announced he would sign an executive order imposing a 25% tax on all products from Mexico and Canada. This move is reportedly in response to the open border issue mentioned in the post. The market reaction overnight was relatively muted, but weakened by midday.

On Tuesday morning, South Korean importers purchased 133,000 tons and 65,000 tons of international corn. According to ANEC's latest estimate, Brazil's corn exports for November reached 5.1 million tons, down 470,000 tons from the previous forecast.

The December 2024 contract settled at 420 cents per bushel, down 4.75 cents, or a 1.12% decrease.

Wheat

According to the final NASS crop progress report for the year, as of November 24, U.S. winter wheat planting was 97% complete, with 89% of the crop emerged. Crop condition was rated 55% good to excellent, up 6% from the previous week. The Brugler500 index rose 10 points to 348, and increased 35 points from five weeks ago. While national-level reports have ended, some state-level reports will be released throughout the winter.

A South Korean importer bought 50,000 tons of U.S. wheat in a Tuesday tender. The European Union exported 9.15 million tons of soft wheat from July 1 to November 24, according to the European Commission, significantly lower than the 13.08 million tons during the same period last year. Algeria purchased an undisclosed amount of wheat in a Tuesday tender.

The December wheat contract settled at 539.5 cents per bushel, up 3.75 cents, or a 0.7% increase.

Soybeans

President-elect Trump threatened to impose an additional 10% tariff on Chinese goods, on top of existing tariffs, in a Truth Social post on Monday night. This move is reportedly in response to claims of illegal drug imports from China into the U.S. The potential new tariffs could be positive for

soybean oil demand, as they might limit imports of used cooking oil, though the risk of retaliatory tariffs on soybeans to China remains a bigger concern.

Brazil’s soybean exports for November are projected to reach 2.46 million tons, according to ANEC's latest estimate, down 340,000 tons from last week's forecast.

The January 2025 soybean contract settled at 983.5 cents per bushel, down 2.25 cents, or a 0.23% decrease.

Source: SFVN