November 17, 2017
Grain Marketing Specialist
Corn: up 1
3.36 continues to hold the low in the corn market. Lack of news has the market trying to drag along this 2.5 bbu carryout. Although we are finding a little strength from the other commodities and quite possible the fact that China has eliminated the DDG VAT tax. South America is on the radar, Argy planting is at 35% complete on half the moisture they normally have. Informa came out yesterday with their estimated 2018 acres at 91.460 vs 90.46 last month. The funds are close to a record short, will the cover any of those or roll to a deferred month for a premium? First notice day is Wednesday November 29th.
Beans up 4
Soybeans are slowly creeping their way back up, unable to break resistance at 9.79 (the 200 day MA). We have had a higher low since Tuesday. Informa updated estimated bean acres for 2018. 89.627 vs. 90.347 last month. We are not seeing exports keep up with USDA pace right now. Dec-May could be an uptick in exports. Argy does have a chance for showers in the next 5 days. Argy bean production was left unchanged at 55 mmt.
Wheat: MPLS up 1 KC up 3
Periods of rain have slowed Australia wheat harvest. Egypt wheat imports are up 66% from last yeaer. Russia wheat availability owns the market. Informa’s 2018 wheat acres are projected at 45.62 vs 45.87 last month.