The EUR/USD currency pair rose to 1.0415, while the price of US WTI light crude oil fell to $69.62 per barrel.

Oil prices increased on Tuesday, recovering from the previous session’s decline, supported by positive short-term market outlooks despite light trading ahead of the Christmas holidays. China's plan, as the world’s largest oil importer, to issue special treasury bonds worth $411 billion next year as part of fiscal stimulus to revive its faltering economy is bolstering prices. This is likely to provide short-term support for WTI crude oil.

On the positive side, new orders for key U.S.-manufactured goods rose in November, driven by strong demand for machinery, while new home sales also rebounded, indicating the U.S. economy is on stable footing at the year's end. Weekly initial jobless claims in the United States fell to 219,000, better than the expected 225,000. However, continuing jobless claims rose by 46,000 to 1.91 million (compared to forecasts of 1.81 million), marking the highest level since November 2021.

Wheat:
Yesterday, March wheat futures in Chicago rose by 6 1/4 cents to $5.41 per bushel. Wheat futures in Chicago increased. Today, the USDA is set to release weekly export sales data, delayed due to the holidays. For the week ending December 19, 2024, sales are expected to range between 250,000 and 600,000 tons. Parts of the US Wheat Belt are forecast to receive 25–50 liters of rainfall per square meter. Algeria purchased a significant 1.17 million tons of wheat, initially planning for 630,000 tons but later increasing the quantity. According to IKAR, Russia's wheat exports in 2025/26 are expected to drop to 41 million tons, reducing the country's share in global exports from 25% to 20%. The 2024 production is projected at 82 million tons, with yields in southern regions 30% lower than in 2023. Forecasts for Russian wheat exports in 2025 vary widely, with local analysts skeptical, showing a discrepancy of up to 10 million tons compared to the USDA. SovEcon revised its forecast for Russian wheat exports in 2024/25 down to 43.7 million tons (from 44.1 million previously) and estimates 36.4 million tons for 2025/26.

Corn:
Yesterday, March corn futures in Chicago rose by 4 1/4 cents to $4.53 3/4 per bushel. Corn futures in Chicago increased. Ethanol production data in the United States will be released today. Weekly export sales of U.S. corn are expected to range between 1–1.6 million tons of the old crop and 0–50,000 tons of the new 2025/26 crop. According to Anec, Brazil's corn exports in December are projected at 4.1 million tons. An Arctic vortex is expected to affect northern U.S. states, impacting natural gas prices. In 2025, the U.S. will complete several large natural gas production projects. The new administration is expected to support the sector, ensuring production growth, which will increase export opportunities. However, potential trade tensions with China could limit these opportunities. Expected drought in Argentina could trigger additional strong purchases of US corn.

Soybeans:
Yesterday, January soybean futures in Chicago rose by 12 3/4 cents to $9.88 per bushel. Soybean and soymeal futures increased in Chicago, while soyoil futures declined. Next week’s forecast suggests near-normal rainfall in Brazil. In Argentina, dryness is expected to worsen, leading to drought conditions by early January. Weekly U.S. soybean export sales are forecast at 1–1.8 million tons of the old crop and 70,000–125,000 tons of the new crop. In November, Canada processed 1.019 million tons of canola, a 12.2% increase compared to November 2023. According to Anec, Brazil is expected to export 1.62 million tons of soybeans in December, with the 2024/25 soybean harvesting campaign beginning next week. In October, Indonesia exported 2.888 million tons of palm oil (up from 2.26 million in September). Production reached 4.843 million tons (up from 4.415 million), while stocks stood at 2.502 million tons (down from 2.622 million). Domestic consumption was 2.083 million tons (up from 1.989 million), with biodiesel usage at 1.052 million tons (up from 0.934 million).

China:
State-owned enterprises in China are expected to purchase 420 million tons of grain from local farmers, marking the second consecutive year with purchases exceeding 400 million tons. Authorities are creating an efficient system for procurement and price control, maintaining minimum grain purchase prices. China's grain reserves are increasing, with warehouse capacities in good condition now exceeding 700 million tons, a 36% increase compared to 2014.