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Grain Comments: 12-05-2023

Good morning.

Markets are mixed this morning. Corn is trading near unchanged, wheat down 2 cents and soybeans are up 4-5 cents. The US dollar is up 108 points, crude oil is trading a few pennies lower and near recent lows. DOW futures are 87 points lower. Fresh news remains limited.

China’s rising debt inspired Moody’s rating agency to cut its on China’s government credit ratings to negative. from stable.

Average trade estimate for Friday’s WASDE report has corn ending stocks at 2.153 billion bushels versus 2.156 billion in November.

Average trade estimate for Friday’s WASDE report has soybean ending stocks at 242 million bushels versus 245 million in November.

Average trade estimate for Friday’s WASDE report has wheat ending stocks at 684 million bushels, unchanged from November.

The average trade estimate for Friday’s WASDE has Brazilian soy production pegged at 160.1 MMTs versus 163.0 MMTs in November. Corn production is seen at 127.2 MMTs versus 129.0 MMTs last month.

On Thursday CONAB will release updated production estimates.

Brazil forecast continues to show decent rains for center west and center south over the next two weeks. Northeast Brazil will see limited rains. Southern Brazil will continue to see frequent rains, keeping field wet.

Argentina weather forecast remains favorable for crop seeding and development.

Have a great day!

 

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