Close this search box.

Grain Comments: 11-30-2023

Good morning.

Chicago mixed, dollar up .489 at 103.165, crude oil futures up .68 at 78.60, DOW futures up 214 at 35702.

Deliveries: YC 0, KC Wheat 100, Chi Wheat 1,347.

Soybeans finding some support on ideas China bought 6-8 cargoes of beans and not enough rain falling in Brazil. Central portion of Brazil to see some rain through the weekend but not enough to materially change soil moisture conditions. Better conditions in Argentina continue to act as a buffer against adverse weather in Brazil.

.Weekly ethanol report yesterday not quite to the production levels hoped for but stocks were lower. U.S. corn export demand continues on the light side but there is some interest from Latin America being discussed. Also, U.S. officials are saying all the right things regarding China coming back in for U.S. corn.

Wheat finding support, such as it is, from short covering on oversold conditions and some off-weather in Australia.

U.S. 6-10 and 8-14 day forecasts remain warm and with a bit more precipitation working into the mix.

Crude oil working higher on talk OPEC will reduce production by 1 million barrels a day starting in December.

Last day of the trading month today.

Have a great day!

View All News >