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Dec 4, 2024  

Beans down 8, Corn down 2.5, Wheat up 1

Private exporters reported sales of 30,000 metric tons of soybean oil for delivery to South Korea during the 2024/2025 marketing year.

Ethanol production fell 4% from last week's weekly record; production clocked in at 7.511 mln/barrels for the week ending November 29.

Ethanol stocks were slightly higher to 23.003 mln barrels - the first time ethanol stocks have reached above the 23 mln barrel mark since the week ending September 27.

US ethanol producers could find themselves worried if the US levels large scale tariffs on Canada.

Canada is a major importer of US ethanol, and could target ethanol in retaliation.

Canada's monthly ethanol imports now account for 3-5% of total monthly US production.

Gasoline demand rose 2.7% week-over-week for the week ending November 29; demand is 3.2% higher than last year.

Crude oil futures are down 0.5% ahead of tomorrow's OPEC+ meeting.

The market expects the cartel to announce the extension of the 2.2 mln barrels/day voluntary production cut into Q1 2025.

Full Malaysian Palm Oil Board statistics for November will be released December 10.

Stocks for November are expected to be around 25% lower year-over-year - a supportive trend because production is at the high water mark in November in Malaysia and stocks typically have the opportunity to be replenished.

Palm oil futures relaxed in the most recent trading session but remain near their recent highs above 5,000 ringgit/mt ($1,118/mt).

For perspective, soybean oil is priced at $925/mt with current Jan25 values around .42c/lb.

Nearby board crush values fell under 100 yesterday; board crush has fallen on the heels of the aggressive move lower in soybean oil futures in November.

The dollar is trading near an all-time high versus the Brazilian Real, moving past the important 6:1 mark.