Written Commentary
Wkly Futures Market Summary For 2.10.2025
February 10, 2025
CORN
Corn futures ended today higher. CU is near 3.70. Deliveries are expected to be high. CZ is near 3.94. CH25 is near 4.12. Farmers have been reluctant sellers of cash but could sell new crop at 4.00. Weekly US new crop export sales were better than expected. US cash export prices are a discount to Brazil and Ukraine. USDA est World 2023/24 corn crop at a record 1,223 mmt vs 1,159 ly. US is 389 vs 346. China is 289 vs 277 ly. World trade is est at 200 mmt vs 180 ly. US 57 vs 42, Brazil 50 vs 54, Ukraine 29 vs 27 and Argentina 35 vs 25. USDA est World 2024/25 corn crop at a record 1,219 mmt. US is 383 China is 292. World trade is est at 191 mmt. US 58, Brazil 49 vs 54, Ukraine 24 and Argentina 36.China 2024/25 imports are est at 23 mmt with some concerned imports may drop below 15 mmt. USDA announced today new US new crop sorghum sales to China.
SOYBEANS
Soybean futures ended today higher. SU is near 9.73. Deliveries are expected to be high. SX is near 9.91. SH25 is near 10.22. Farmers have been reluctant sellers of cash but could sell new crop at 10.00. Weekly US new crop export sales were better than expected. US cash export prices are a discount to Brazil. USDA est World 2023/24 soybean crop at a record 395 mmt vs 378 ly. US is 113 vs 116. Brazil is 153 vs 162 ly. World trade is est at 177 mmt vs 171 ly. US 46 vs 53, Brazil 105 vs 95. China imports are est at 111mmt vs 104 ly USDA est World 2024/25 soybean crop at a record 421 mmt. US is 125. Brazil is 169. World trade is est at 181 mmt. US 50, Brazil 105. China 2024/25 imports are est at 109 mmt with some concerned imports may drop below 100 mmt.
WHEAT
Wheat futures ended today higher. WZ is near 5.47. Farmers have been reluctant sellers of cash but could sell above 5.50. Weekly US new crop export sales were better than expected. Russia continues to be lowest price origination. USDA est World 2024/25 wheat crop at a record 798 mmt. US is 54. China is 140. Russia 83. World trade is est at 214 mmt vs 219 ly. Russia 48, EU 34, Canada 25, Australia 23 and US 22.
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