Written Commentary
MORNING AG OUTLOOK
Grains are mixed to lower. SH is down 2 cents and near 13.16. SMH is near 393.1. BOH is near 48.69. CH is down 1 cent and near 4.74. WH is unch and near 6.22. KWH is unch and near 6.34. MWH is up 1 cent and near 7.23. S&P 500 is higher. Crude is lower. US Dollar is lower.
CH is near 4.74. CH may now be in a 4.68-4.80 range. Trade needs spark like higher demand for US export to test resistance. Dry Brazil is expected to get needed rains.. Potential large Argentina 2024 crop could continue to weigh on corn values. One group increased US 2023/24 carryout to 2,290 mil bu vs USDA 2,130 due to higher crop.. Dalian corn futures were higher. Some est US Dec 1 corn stocks near 12,046 mil bu vs 10,821 ly.
SH is near 13.16. Dry Brazil areas are expected to get needed rains. Potential large Argentina 2024 crop continues to weigh on soymeal values. Soybean board crush margins continues to slide lower. One group increased US 2023/24 carryout to 262 mil bu vs USDA 245 due to higher crop. Trade is worried that China may be done buying US soybeans for now. Dalian soybeans, soymeal and palmoil were higher. Soyoil prices ended slightly higher. Some est US Dec 1 soybean stocks near 3,124 mil bu vs 3,182 ly.
Push pull wheat futures trade continues. WH has been in a 6.00-6.50 range since September. One group est US wheat carryout to increase to 744 mil bu vs 659 this year. World wheat buying is increasing but most of the wheat is being sourced from Russia. Egypt announced a new tender, Parts of US south plains has seen better rains. Some est US Dec 1 wheat stocks near 1,411 mil bu vs 1,312 ly.
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