Grains are mixed to lower. Guess everyone got it out of their system on Monday. CZ is down 1 cent and near 3.69. WZ is down 3cents and near 5.28. SF is unchanged and near 8.91. US stocks are higher. US Dollar is marginally lower. Crude is higher.
Malaysian palm oil prices overnight were down 57 ringgit (-2.09%) at 2676, capping their biggest decline in two months, with a drop in rival soybean oil, concerns about exports and fears over an overheating market prompting investors to take profits.
Overnight, soybean, soymeal and corn are sharply unchanged. Later than normal US corn harvest pace failed to attract new corn buying. Markets may be evening up before the US Thanksgiving holiday, month end and December contracts first notice day. This weeks US winter storm should slow completion of harvest especially corn in north plains.
There were no changes in registrations. Registration total: 0 SRW Wheat contracts; 0 Oats; 216 Corn; 1,469 Soybeans; 1,314 Soyoil; 710 Soymeal; 11 HRW Wheat. Trade is looking for 1,000-1,500 corn deliveries, no Chicago wheat, 250 KC wheat, no oats, 2,000 soyoil and 1,000-2,00 soymeal deliveries.
For the month to date wheat prices are up 13 1/2 in SRW, up 7 1/4 in HRW, down 30 in HRS; Corn is down 19; Soybeans down 40; Soymeal down $0.58; Soyoil down 0.50. (December crushing margins up 14 cents at $1.05 1/4, oil-share up 0.06% at 33.62%).
Private crop group dropped their estimate of the 2020 Brazil corn crop 1.0 mmt to 102.0. This due to delays in planting the second corn crop. The also suggested this could force Brazil to import a small amount of corn before the 2020 harvest. They continue to estimate the soybean crop near 123.0 mmt. 79 pct of the crop is planted. They left their estimate of the Argentina soybean crop near 54.0 mmt. 31 pct of the crop is planted. Argentina corn crop is also unchanged at 49.0 mmt. 45 pct of the crop is planted.
Western U.S. Midwest forecasts are calling for light to moderate precipitation with locally heavier Tuesday. Dry conditions or just some lingering light snow in the north Wednesday. Temps near to above normal Tuesday, near to below normal Wednesday.
Eastern US Midwest is looking at light to moderate rain Tuesday and dry conditions or just some lingering light rain in the east Wednesday. Temperatures much above normal Tuesday and near to above normal Wednesday.
Brazil’s growing regions are forecasted to see scattered showers and thunderstorms move from south to north Tuesday-Wednesday with moderate to heavy totals are expected. Temperatures look variable Tuesday and near to below normal Wednesday.
Argentina growing region forecasts call for dry conditions or just a few light showers Tuesday and dry weather Wednesday-Friday. Temperatures forecasted to be below normal Tuesday-Wednesday.
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