The markets are attempting a mild rebound following sharp losses on Monday. Improved rain chances over the next two weeks throughout the drought-hit regions of Brazil and Argentina was the reason for yesterday’s weakness. The outside markets are mixed this morning with equities erasing yesterday’s losses while crude oil is marginally weaker, and the dollar is holding near unchanged. Heavy rains are expected to move across northern Argentina tonight with rainfall accumulations of 1.00” to 3.00”. These thunderstorms are then expected to move across southern Brazil tomorrow. Scattered thunderstorms are expected to move across central and northern Brazil late this week and into next week. The USDA will release its monthly fats and oils report at 2 p.m. CST today. The average trade estimate has October soy crush pegged at a record-high 196.6 million bushels. If realized, the crush would be up from 171.0 million bushels in September and above the 187.2 million bushels crushed in October 2019 Deliveries against December futures consisted of 6 KC wheat contract, 240 oat contracts and 100 Chicago wheat contracts. There were no corn, soymeal or soy oil deliveries. ABARES increased its Aussie wheat production estimate to 31.2 MMTs for the 2020/21 crop year. The latest forecast is 2.3% higher than the September forecast of 28.9 MMTs. It is interesting to note wheat production forecast for eastern New South Wales has overtaken Western Australia, traditionally the country's largest wheat-producing state. New South Wales' output is forecast at 12.2 MMTs, while the crop estimate for Western Australia is 8.2 MMTs. The delayed COT report showed funds added 8,710 lots to their corn long and 877 lots to their Chicago wheat long, while reducing their soy position by 4,964 lots. As of November 24th, managed money is net long 287,599 contracts of corn, 203,810 contracts of soybeans and 15,299 lots of Chicago wheat. Have a great day! Wayne Kollis - Mike Rosenberg - Matt Zeman - Austin Behrendsen - Grant Johnson
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