November 27, 2017
Grain Marketing Specialist
CORN: As of 7:45 - down 1
Friday’s abbreviated session left corn 3 cents lower, pressured by good weather in South America and a weaker wheat market. We remain in a rangebound market between 342 and 355 on the CZ17 chart, and a contract low of 336. Funds are short an estimated 246k contracts after Friday’s selloff. Argentine corn estimated at 36% planted according to BAGE.
SOYBEANS: As of 7:45 - steady
An uneventful holiday close on Friday led soybeans lower by 4 cents. Soymeal and soyoil seem to be the story lately, along with South America. Brazil’s 17/18 crop is now estimated by AgroConsult at 111 MMT. The firm is also estimating planting area to increase this year by over 3%. Weather in Brazil is looking to be favorable so far. Argentine planting is estimated by the trade at 34% and Brazil at 84%.
WHEAT: As of 7:45 - Mnpls down 1, KC down 2
The wheat market closed lower on Friday due to lack of interest and news. Even a weaker US Dollar was unable to support the complex. Dec KC wheat set a new contract low of 411, which we are flirting with this morning. Export sales were reported as 7.3 mbu, all of which were old crop sales. Hearing ideas of adding another million tons to world production…