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Grain Comments: 11-29-2023

Good morning.

Chicago is mixed with wheat leading the way, dollar up .071 at 102.720, crude oil futures up 1.34 at 77.75, DOW futures up 114 at 35516.

It seemed weather concerns were moderating in Brazil after some scatter showers fell last week in the northern parts of Brazil, but renewed concern moving forward pushed soybeans higher yesterday. Argentine remains in good shape overall.

Brazil’s first corn crop is 55% planted vs. 69% last year and 75% in ’21. The delay in planting as well as concern over timeliness and area planted in the second corn crop remains an issue. Production loss of 7-9 MMT is being discussed.

Weekly ethanol report today expected to show a slight increase in production to 1.031 m b/d and a possible decline in stocks.

Adverse weather in Australia impacting their wheat crop, potentially turning up to 1 MMT into lower quality feed wheat.

U.S. 6-10- and 8-14-day forecasts remain warm and dry relative to normal. Very good progress regarding fall field work noted, though OH may choose to disagree.

Mid-Miss River is slowly shutting down for the season. Lock 17, just south of Muscatine IA will close 12/18/23.

Thursday (November 30th) is the first notice day for December futures. Corn deliveries are likely. Long December positions need to be liquidated or rolled forward by today’s market close to avoid the possibility of being delivered on. Wheat deliveries are also very likely.

Have a great day.

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