Tidbits
Yesterday morning, the USDA announced the sale of 23,000 mts of old soybean oil to India. China and India usually buy palm oil from Indonesia or Malaysia, but those two countries are going big on biodiesel and have greatly restricted palm oil exports.
Egypt's public procurement agency, Mostakbal Misr, has secured direct contracts for 1.267 million mts of primarily Russian wheat, sufficient to meet the country's needs until June 2025. In the first half of the 2024/25 marketing year, Egypt significantly increased its Russian wheat imports by 1.8 times, rising from 2.9 million mts to 5.3 million mts, solidifying its position as a leading importer.
In 2025, the Russian government approved the sale of up to 3 million metric tons of wheat, rye, and barley at exchange auctions from its federal intervention fund reserves to stabilize domestic food prices. For mid-January the export tax on wheat will decrease 9%. However, this tax has increased dramatically by 379% since mid-September as the Russian agriculture ministry seeks to control export levels.
Corn settled lower yesterday for the first time in 7 trading sessions after trading higher yesterday than any time since 25 June 2024 and making a new high for the move. The market was overdue for a profit-taking correction. If you are looking for a place to get long corn, this is your opportunity. $4.80 is the next serious technical resistance and then $5.02.