Written Commentary
MORNING AG OUTLOOK
USDA report day. Grains are mixed to higher. SH is up 6 cents and near 12.42. SMH is near 363.1. BOH is near 49.31. Nearby soyoil share of board crush near 40 pct. CH is unch and near 4.58. WH is up 3 cents and near 6.07. KWH is up 1 cent and near 6.17. MWH is up 3 cents and near 7.03. US stocks are mixed after higher US inflation data than expected. US Dollar is lower. Crude is higher and Gold is higher after US led coalition fired missiles at Houthi military positions in Yemen.
CH is near 4.58. Momentum remains down since 5.21 Oct high. US weekly export sales were only 19 mil bu. Total commt is near 1,192 mil bu vs 865 ly. Average trade est for Brazil corn is 125 mmt vs USDA 129, CONAB est Brazil crop at 117.6. Trade est Argentina at 54.8 mmt vs 34 ly. Rosario GE est Argentina crop at 59 mmt. Trade est Dec 1 US corn stocks at 12,050 mil bu vs 10,813 ly.
SH is near 12.42. Momentum remains down since 14.10 Nov high. Weekly US soybean export sales were only 10 mil bu. Total commit is 1,353 mil bu vs 1,629 ly. Trade est Brazil soybean crop at 156.2 mmt vs USDA 161. CONAB est the crop at 155.0. Trade est Argentina crop at 48.8 vs 25 ly. Rosario GE est the crop at 52.0. Argentina crop is rated 51 pct G/E vs 42 last week and 4 ly. Dalian soybean, soymeal and soyoil were lower. Palmoil was higher. China Dec soybean imports were 9.8 mmt vs 7.9 in Nov and 10,5 ly.
WH is near 6.14. US weekly export sales were only 4 mil bu. Total commit is 565 mil bu vs 553 ly. Trade est US 2024 winter wheat acres at 35.8 mil bu vs 36.7 ly. World wheat farmers are hoping for a bullish report. WH has been consolidating in a 5.91-6.13 range. KWH range is 6.09-6.29. MWH testing recent lows. Range has been 6.97-7.47. Few expect big USDA changes in wheat numbers. Australia futures were lower.
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