Written Commentary
MORNING AG OUTLOOK
TGIF. Grains are mixed. SF is down 3 cents and near 13.56. SMF is near 448.0. BOF is near 51.17. CH is unch and near 4.92. WH is up 2 cents and near 5.83. KWH is unch and near 6.35. MWH is unch and near 7.41. US stocks are higher. US Dollar is higher. Crude is higher. Gold is higher.
SF is near 13.56. Mondays high was 13,98. Forecast for Brazil showers next week weighed on soybean futures. Dryness returns to C/N Brazil early in Dec. Brazil farmers waiting for next weeks rains to increase cash sales. Argentina on hold until after weekend elections and return of normal rains. Dalian soymeal, palmoil and soyoil prices were lower. Weekly Soybean export sales were record 143 mil bu. Still total commt is down 21 pct vs ly vs USDA forecast of down 12 pct. Argentina left their crop at 50 mmt (25 ly)with 18 pct planted.
CH is near 4.92. US domestic basis firmed on talk of higher demand due to lower gas prices. Italy bought Ukraine corn. Weekly corn export sales were better than expected at 71 mil bu. Total commit is up 33 pct vs ly vs USDA looking for up 25 pct. Argentina left their crop at 55 mmt (34 ly) with 25 pct planted. Crop rating improved from 24 pct G/E to 29 and 11 ly.
Wheat futures are mixed. KC futures made new lows. Spring futures rallied vs Chicago. Russia is still offering wheat exports at lower prices but some could see prices near a bottom. Weekly wheat export sales were only 6 mil bu. Total commit is down 7 pct vs ly and USDA down 8 pct. Argentina lowered their wheat crop to 14.7 mmt (12.5 ly) vs 15.3 with harvest near 20 pct.
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