Written Commentary
CORN
CH is down 2 cents and near 4.74. Crude is lower. There is concern that there is not enough global weather problems and new US corn export demand to push CH above 4.81. Weekly US ethanol report showed production highest since 2017 and stocks highest since April 2021. Brazil rains are forecasted for dry areas. Dalian corn was higher. Trade est weekly US corn export sales near 600-1,400 mt vs 1,013 last week. It is not good news for corn exporters that China has approved 26 seed companies to sell GMO corn seed. It is only on 1.5 pct of acres but current China yields are half vs US. Some est Dec 1 US corn stocks near 12,046 mil bu vs 10,821 last year. Some est US 2023 final corn crop near 15,394 mil bu vs USDA 15,234.
SOYBEANS
SH is is down 8 cents and near 13.12. SH remains in the 13.00-13.50 range but now closer to the lower end of the range. Weekly US soybean export sales are estimated near 800-1,700 mt vs 1,989 last week. There were no new US daily soybean sales announced. Brazil rains are forecasted for dry areas especially. Next weeks amounts could be 1.00-3.00 inches. Dalian soybeans, soymeal, palmoil futures were higher. Some feel USs soybean futures could trend lower in 2024 with US, Brazil and Argentina increasing crush. There is concern that there is not enough global weather problems to push SH above 13.20. Some est Dec 1 US soybean stocks near 3,124 mil bu vs 3,182 last year. Some est US 2023 final soybean crop near 4,164 mil bu vs USDA 4,129.
WHEAT
WH was up 8 cents and near 6.31. KWH was up 7 cents and near 6.42. MWH was up 3 cents and near 7.25. Weekly US wheat export sales are estimated near 200-600 mt vs 322 last week. WH remains in a 6.00-6.50 range. KWH is only 11 cents above WH. There is concern that there is not enough global weather problems and new US wheat export demand to push WH above 6.50. Higher Russia supplies limits upside in wheat. This despite escalation in concern over Middle East war expanding to include Iran.
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