Written Commentary
MORNING AG OUTLOOK
Grains are mixed. US stocks are slightly lower. US Dollar is higher. Gold is higher. Crude is lower and near $67. $65 is key support. US jobs data today. UN est World November food prices up .5 pct vs Oct and 5.7 pct vs ly. Dairy and vegoil were higher. Meats, cereal and sugar were lower.
SOYBEANS
SH is near 9.98. Dalian soybean, soymeal palmoil and soyoil were higher. Rains are in C and S Brazil. N Brazil and Argentina are dry. US soybean export commit is near 36.1 mmt vs 32.2 ly. Sales remain good and helped rally futures. Soymeal are 7.2 mmt vs 6.3 ly. Sales were lower than last week. Soyoil are 426 mt vs 28 ly. USDA should increase US export goal on Monday. USDA announced 136 mt US soybeans to China. Trade est US soybean carryout at 469 mil bu vs USDA Nov est of 470. Trade also est Brazil soybean crop at 169.3 mmt vs USDA Nov est of 169.0 and Argentina at 51.3 mmt vs 51.0. Trade est World soybean end stocks near 132.4 mmt vs USDA Nov 131.7.
CORN
CH is near 4.36. CH could be in a 4.10-4.40 range but are testing upper end of range. Dalian corn futures were higher. US corn export commit is near 34.1 mmt vs 25.7 ly. Good weekly sales helped futures rally. Trade est US corn carryout at 1,906 mil bu vs USDA Nov est of 1,938. Trade also est Brazil corn crop at 127.1 mmt vs USDA Nov est of 127.0 and Argentina at 50.8 mmt vs 51.0. Trade est World corn end stocks near 303.5 mmt vs USDA Nov 304.1.
WHEAT
WH is near 5.57. KWH is near 5.51. MWH is near 5.95. Talk of lower Russia export supplies helped rally futures. India forecaster suggest Dec-Feb temps above normal which could stress their wheat crop. Global weather remain mostly favorable for 2025 crops. US wheat export commit is near 15.5 mmt vs 13.0 ly. Trade est US wheat carryout at 814 mil bu vs USDA Nov est of 815. Trade est World wheat end stocks near 257.7 mmt vs USDA Nov 257.5. Australia rains may be reducing quality which helped rally futures.
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