3 Big Things Today, December 18, 2024 [Video]

Soybean futures plunged overnight as expectations build for a bumper crop from Brazil. 

The South American country, the world’s largest exporter of the oilseeds, is expected to produce 169 million metric tons of soybeans in the 2024/2025 marketing year, the U.S. Department of Agriculture forecast last week. 

That would be a record high and up from 153 million metric tons a year earlier. 

Rainfall is expected to return to northern Brazil in the next two weeks, keeping moisture levels “stable” in the area, Commodity Weather Group said. 

Wetness is southern Brazil and Paraguay likely will ease, increasing yield prospects, the forecaster said. 

The National Soybean Processors Association said in a report yesterday that November soybean crush dropped in November, but that was from a record high the previous month, Reuters reported. It was still the largest crush on record for the month of November.

Soybean futures for January delivery dropped …