Written Commentary
MORNING AG OUTLOOK
Grains are mixed to lower. Stocks are higher. USD is slightly lower. Crude is slightly lower. Gold is higher. US cold but 2nd week warmer.
SOYBEANS
SH is near 10.86. Malaysian palmoil was lower on demand concerns. USDA announced 132 mt US soybeans to China. USDA also announced 104 mt US soymeal to Mexico. Soybean sales for week of Nov 20 are est at 800-3,000 mt. US Nov soybean crush is est at 220.3 mil bu vs 193.1 ly. Soyoil stocks are est at 1,408 mil lbs vs 1,084 and a 7 month high. Informa est US 25/26 soybean carryout at 402 mil bu vs USDA 290. This due to lower exports.
CORN
CH is near 4.40. CH supported by US export program. Resistance is from potential higher SA crops and talk of higher global feedgrain and feed wheat supplies. USDA announced 250 mt US corn to unknown. Corn sales for week of Nov 20 are est at 1,100-2,200 mt. Informa est US 25/26 corn carryout at 2,320 mil bu vs USDA 2,029 due to lower domestic use.
WHEAT
WH is near 5.25. 5.25 key support. KWH is near 5.14. MWH is near 5.765 Nov 20 wheat export sales are est at 300-750 mt. US June-Dec exports could exceed 20 mmt for first time since 2020. Informa est US 26/27 carryout at 844 mil bu vs USDA 25/26 902. This due to lower acres and crop.
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