Written Commentary
MORNING AG OUTLOOK
Grains are mixed. Soybeans are higher. Corn is unch. Wheat is lower. US stocks slightly lower after making new highs on Tuesday. US Dollar is lower which has turned gold higher. Crude is higher. CBOT grains are closed tonight and tomorrow for US Thanksgiving holiday. Grains open at 8.30 AM CST on Friday and close early at noon. Israel and Hezbollah agreed to 60 day truce with hopes of a permanent ceasefire.
SOYBEANS
SH is near 9.97. 10.30 is key SH resistance. Dalian soybean, soymeal, palmoil and soyoil were higher. Trade still trying to digest Trump announced 10 pct tariff on China imported goods. New tariffs could shift new China soybean buying to South America. There is talk that Q1, 2025 China crush could be down from last year. South America weather remains favorable for crops. 25 pct tariffs on Canada imports could impact canola imports to US but could also slow UCO from China. There is talk that last week, China bought 40 cargoes of soybeans split even between US and Brazil.
CORN
CH is near 4.28. CH could be in a 4.20-4.40 range. Dalian corn was lower. Nearby corn export PNW price is lower to Asian buyers vs Brazil. There was talk that S Korea and Taiwan were active buyers of US Q1 corn needs. US corn prices are also best to EU and N Africa. Trump announced he will add additional 25 pct tariff on Mexico imported goods until they stop imports of illegal drugs and illegal immigrants. Corn futures reacted negative to the news.
WHEAT
WH is near 5.52. KWH is near 5.54. MWH is near 5.98. WH resistance is near 5.75. WH support is near 5.50. Normal 2025 World wheat crops suggest selling WN near 6.00. Same for KWN. Trump announced he will add additional 25 pct tariff on Canada imported goods. Black Sea wheat prices are dropping looking for demand. Matif wheat futures were down due to slow export demand and improved Black Sea weather. World wheat matrix is tightening for high quality wheat.
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