- Morning Grains Report 11/17/17
DJ Analysts’ Estimates for November USDA Cattle-On-Feed Report The following estimates, as compiled by the Wall Street Journal for the nation’s feedyards...
- Morning Grain Market Research
It turns out the The Girl may matter after all. Before someone accuses me of making some kind of sexist statement, which after all seems to be a headline...
- Are Corn And Soybeans Bottoming?
Corn and soybean futures dont need to drop much more because current cash prices and futures are bear spread.
- Weather and the Markets. The Corn & Ethanol Report 11/17/17
We seem to have continued conflicting weather reports whether it is the European model or the U.S. weather model they all seem to be wrong which puts a...
- Turning bullish on corn
With option expiration looming there may be an opportunity in corn.
- New Record Short in Corn?
Grain markets await this afternoon's Commitments of Traders report for the latest on fund positions. Equity markets rallied yesterday with the House...
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Soybean futures are currently 4 to 5 cents higher after closing Thursday with losses of 2 to 4 1/4 cents in most contracts. December meal was down 80 cents/ton, with nearby bean oil 32 points lower. Shipments of soybeans ran 2.256 MMT, a 10.5% drop from last week and down 17.3% from a year ago. China was the main destination, bringing in 1.48 MMT. Export commitments of soybeans are 12.1% lower than this time last year. They are running at 53% of the USDA full year projection, which trails last year by 13% and the 5 year average by 17%. They are getting a late start due to the Brazilian overhang. Exports of soy meal came hit a marketing year (MY) high of 315,954 MT, with soy oil at 12,660 MT. Updated Informa numbers show projected 2018 soybean acreage of 89.627 million, down 720,000 acres from their previous estimate.
Wheat futures are mostly 2 to3 cents higher this morning. They saw fractional losses on most CBT and KC contracts yesterday, with nearby CBT December 1 1/2 cents higher. MPLS was up 5 to 6 cents in most contracts and is extending the gains this morning. The weekly USDA Export Sales report indicated all wheat exports pretty much even with last week at 297,804 MT, while they were 15.92% lower than this time a year ago. Total export commitments of wheat are now lagging last year by 5%. They are 62% of the USDA export projection, compared to the average and last year’s 67%. Egypt’s GASC purchased 240,000 MT of Russian wheat in their tender on Thursday. There were 9 offers, with 1 Romanian and the rest Russian. Japan purchased 125,611 MT of wheat from Australia, Canada, and the US in their weekly tender, with 65,530 MT coming from the US.
Corn futures are trading 1 to 1 1/2 cents higher after ending the Thursday trade session with most contracts 1 to 2 cents lower. Thursday morning’s USDA Export Sales report indicated export shipments of 417,468 MT for the week ending November 9, a drop of 14.8% from last week and 53.23% lower than a year ago. Mexico was the primary destination, with 248,700 MT shipped. Total corn export commitments are now 78.27% of last year’s total for this point in the year. They are 42% of the full year USDA projection, compared to the average of 45% for this date. Consultant Informa raised their 2018 US corn acreage estimate 955,000 acres to 91.415 million acres.