Written Commentary
MORNING AG OUTLOOK
Happy Thanksgiving!
Grains are slightly lower in reduced holiday trade. US stocks are higher. USD is higher. Crude is unch awaiting clarity on Russia/Ukraine negotiations. Gold is higher on new ideas US Fed could drop rates in December. China may have bought 12-14 US soybean cargoes post Trump/XI call for Feb/March. US rains are in US SE. Snow in north US.
SOYBEANS
SF is near 11.23. Soybean complex struggling for direction. Appears algorithm machines must be turned off. There is talk that China bought 12-14 US soybean cargoes which could be announced today. China is losing 110 cents on US cargoes. Dalian soybean and soymeal futures are higher despite increase of US soybean imports. US soybean exports near 498 mil bu vs 797 ly. Argentina and S Brazil hot and dry into weekend when rains and cooler temps return. General rains are forecast for most of Brazil. US administration seems to be leaning toward delay in intended cuts in imported biofuel. Matif rapeseed and sunseed higher on slow farmer selling.
CORN
CH is near 4.38. US PNW best price for Asia buyers. US gulf needs to compete for N Africa and Middle East buyers vs lower Brazil prices. US corn exports near 1,210 mil bu vs 782 ly. Trade fears US corn sales are front loaded and could soon slow. Corn, like soy complex lacks new fresh news. Dalian corn futures continue to trade higher due to debate on size of local crop. South America weather turning favorable for crops. Ukraine corn exports down 55 pct vs ly due to poor logistics and harvest delays. US farmer may have reduce cash sales until new year.
WHEAT
WH is near 5.37. KWH is near 5.27. MWH is near 5.61. US wheat exports are near 568 mil bu vs 456 ly. MWH up on increase demand for higher protein wheat. Argentina and Russia aggressive sellers. Chicago and KC wheat futures consolidating near support lines.
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