Overnight ag markets are mixed. Corn is trading near unchanged, wheat down 3-4 cents and soybeans are 4-5 cents higher. US Dollar is down 305 points, Dow futures are down 28 points and crude oil is up $1.26. Crude oil getting support on ideas OPEC will further cut supply at the November 26 meeting.
Today’s Reports: Export Inspections, Crop Progress
- Populist Javier Milei resoundingly won Argentina’s presidential election Sunday, swinging the country to the right following a fiercely polarized campaign in which he promised a dramatic shake-up to the state to deal with soaring inflation and rising poverty. His campaign promise to dollarize Argentina. He also promised to slash government spending by closing Argentina’s ministries of culture, education, and diversity, and by eliminating public subsidies.
- Weekend rains across Northern Brazil were disappointing while Southern Brazil received additional unwanted rains. Current forecasts show an improving South American forecast with better rain chances across the north and drying across the south.
- Argentina forecast shows a nice mix of rain and sunshine over the next two weeks.
- News wire reporting dry weather is forcing some Brazilian farmers in Mato Grosso to give up on seeding soybeans and plant cotton or another crop. First crop cotton seedings in Mato Grosso could reach 20% of plantings versus 10-13% on average.
- Brazilian Ag consultancy Patria Agronegocios estimating 68.9% of Brazilian soy area is seeded versus 80.16% a year ago.
- As expected China left benchmark lending rates unchanged. However, several economist feel the PBOC will cut interest rates and reserve requirements before the new year. Recent data shows the recovery in the world’s second-largest economy remains patchy with industrial output and retail sales surprising on the upside but deflation gathering pace and few signs the struggling property market will bounce back any time soon.