Written Commentary
MORNING COMMENTS
Ag Fundamentals:
Flash Sale of soybeans this morning is not enough to excite the board into positive territory. Today is a shortened trading period, board closing at 12:05pm CST so there may be some added volatility. Export sales are as expected for corn and wheat. Beans Export sales came in hot at 2.49 million MT, a marketing year high up 30% from the 4-week average. Top destinations for beans were China at 1.087 million MT, followed by Mexico, Germany, Spain and Egypt. The next 60 days should offer continued export highlights. What happens if South America grows a record crop? If Brazil came just match their record yield, 175 million MT is not a far reach from the few estimates putting them at 170-173 million MT. That might be why we can record a 36 million bushel flash sale in a day, and the market is down. Today is first notice day for December futures.
Weather:
December is arguably the most important month for the South American growing season. Weather is expected to be favorable at least until December 15th, and may continue through into January, giving Brazilian farmers the opportunity to grow record yields. Minimum temps are expected to hit -12 in parts of North Dakota and -3 degrees in Minneapolis on Sunday.
WEEKLY EXPORT SALES
| Sales 24/25 | Est Range | Sales 25/26 | Est Range |
Wheat | 366,800 | 200-600K | 0 | 0-50K |
Corn | 1,062,900 | 800-2000K | 67,200 | 0-100K |
Beans | 2,490,500 | 1500-2400K | 18,000 | 0-100K |
Meal | 487,300 | 150-550K | 0 | 0-100K |
Soyoil | 124,800 | 25-50K | 0 | 0-15K |
EXPORT & WORLD NEWS
FLASH SALE: 991.7K MT or 36.43 million bushels of soybeans sold to unknown destinations. This is the largest one day sale since July 18th when the US sold 510K to unknown.
Malaysian palm oil futures were up 135 ringgit overnight. at 5020.
Daily Trading Limits: Corn $0.30 (expanded $0.45); Soybeans $0.85 (expanded $1.30); Minneapolis Wheat $0.60 (expanded $0.90); KC Wheat $0.40 (expanded $0.60); Chicago Wheat $0.40 (expanded $0.60)
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