Joe's Premium Subscription: www.standardgrain.comGrain Markets and Other Stuff Links-Apple PodcastsSpotifyGoogleTikTokYouTubeFutures and options trading involves risk of loss and is not suitable for everyone.Recent weather forecasts for Brazil indicate a shift towards wetter conditions, with a widespread rain event expected to begin on Saturday and continue through the first week of January. The heaviest rainfall is anticipated in some of the driest parts of Brazilian soybean regions, benefiting crop conditions. However, areas further south, which already have moisture surpluses, will see relatively drier conditions. ?️??Argentina's government is proposing to raise export taxes on major grain crops as part of new economic reforms. This move has faced opposition from Argentina's agricultural industry, which believes it contradicts promises made by the new right-wing government. Despite the proposed tax increase, Argentine farmers have made significant planting progress thanks to abundant rainfall, with 79% of the soybean crop and 70% of the corn crop already planted, according to the Buenos Aires grain exchange. ????A Russian mine damaged a Panamanian cargo ship in the Black Sea, injuring two crew members and forcing the ship's captain to run it aground to prevent sinking. The vessel was en route to a Ukrainian port to load grain. Tensions in the Black Sea have escalated due to Ukraine's attacks on Russian forces in Crimea, including an airstrike that destroyed a Russian warship. ⚓?????USDA's weekly drought monitor data showed above-normal temperatures in the Corn Belt, with improvements in drought conditions in parts of Missouri, Iowa, and Minnesota due to above-normal precipitation. However, southern Illinois saw worsening drought conditions due to a lack of moisture, with precipitation at just 25% of normal for the month. Heavy precipitation in the High Plains improved drought conditions in eastern Nebraska and eastern Kansas. ???️??US ethanol production increased last week, with output at 1.1 million barrels, up 3.4% from the previous week and 7.6% compared to the same week last year. Ethanol stocks were at 23.5 million barrels, up 2.7% from the previous week but down 2.3% from the same week last year. Implied gasoline demand was up 4.7% from the previous week and 5.2% from the same week last year. ????️Gasoline prices are expected to decline in 2024, with the national average projected to drop to $3.38 per gallon, down from $3.51 in the current year. Summer prices are expected to hover around $4.00 a gallon, except in California, where prices could exceed $6.00. The average American household is expected to spend $2,407 on gasoline in 2024, down 2% from 2023 and 12% from 2022. Diesel prices are also predicted to gradually decline in 2024. ⛽?????