Fundamentally Speaking

Percent that Argentine and Brazilian corn and soybean yields deviate from the 2000-2023 trend vs. the year average of Oceanic Niño Index (ONI)

The 2023 corn and soybean yields for the top producing states of each as a percent of the 25-year trend.

Percent change for the U.S. corn and soybean yield from the November to the January report vs. the percent the final yield deviated from the 25-year trend for each.

2023 percent deviation from the 25-year trend for corn and soybean yields for the top 15 producing states vs. the end of July and end of September Palmer Drought Severity Index readings

Corn/soybean yield ratios for the top 15 states that produce both and the U.S. for this past season based on the November crop report and their respective five-, 15- and 25-year averages vs. the trend in that ratio for these states

U.S. corn and soybean stocks-to-use ratios seen in the December WASDE report from the 1990-91 season to the figures furnished last week plotted vs. the end of the year new crop November soybean/December corn price ratio

U.S. corn yield vs. both the annual yield as a percent of the 25-year trend and the harvested/planted ratio acreage ratio.

The correlation between U.S. and Canadian wheat yields is over 80%, yet each have a low correlation to Minneapolis spring wheat futures prices.

Corn futures are receding, but there are a few situations that could develop that might turn the market around.

Using 1987-2023 data, the correlation between the final fall wheat condition rating and the percent that the final winter wheat yield deviates from trend is 16.7%, but that jumps to 72.2% by the beginning of July.

We have seen some fairly hefty Chinese buying over the past month as they hedge against a continuation of adverse Brazilian weather.

Brazil weather has had to share the spotlight over the past few days with Argentina's presidential election and its implications.

Argentina has had a string of bad luck as only twice since the 2006/07 season has the USDA increased its estimate of Argentine soybean production from its first WASDE projection to its estimate one year later.

Many factors are contributing to the surge in contracts.

U.S. wheat export sales and shipments as of the first week of November vs. those figures as a percent of the USDA's November WASDE export projections

U.S. export sales and shipments of soybeans as of the first week of November vs. those figures as a percent of the USDA's November WASDE export projection

First fall winter wheat rating for the top 18 producing states and the U.S. for the both the 2024 and 2023 crops along with the 2000-2024 average vs. the rank of this year's initial winter wheat crop rating

U.S. corn export sales and shipments as of the third week of October as a percent of the October WASDE export projection vs. the change in exports from USDA October WASDE projection to the final figure

CME soybean meal/corn ratio, the average, and plus and minus one and two standard deviation lines plus final corn stocks-to-use ratio using data from 2000/01 to the current USDA 2023/24 projections.

The 5, 10-, 20- and 30-year seasonality of December corn and seasonality of December corn futures for years when the stocks-to-use ratio is below 10%, those years when the stocks-to-use ratio is between 10 to 15% and then the years when the ratio is over 15%.