Happy Veterans Day!
Ag markets trading mostly lower this AM following yesterday’s negative WASDE report which increased corn and soy yields more than expected.. Corn is down 1 cent, soybeans and wheat is near unchanged. Soy meal is down slightly and soy oil is up 50 points. The Dollar Index is down 115 points. Crude oil futures are up $1.00/barrel. Dow futures are up 60 points.
Yesterday’s 25 million bu. increase in soybean carry out was not really bearish, however the trade needed additional friendly news to continue soybeans recent bull run.
The USDA does not update yields in the December WASDE report.
South American weather to take on more importance in price discovery.
Brazilian weather forecast remains mostly unchanged. Heat will continue to blanket the northern growing areas for another 10-11 days. Meanwhile, southern Brazil is forecasted to remain too wet. Two systems are forecasted to bring additional rains to RGDS and Santa Caterina over the next 10 days.
Very little rain is forecasted for the Midwest and Plains through Sunday. This should allow harvest to wrap up in many areas. Further out NOAA’s latest 8-14 day outlook predicts seasonally warm temps, wet weather for most of the US between November 16-22.
Some in the trade estimating the U.S. producer is nearing 40% sold on soybeans and 35% sold on corn.
Traders reporting Russia’s attack on a private cargo ship on Wednesday has increased the insurance costs of shipping Ukrainian grain.
Fresh news in limited this AM.
Have a great day