Happy Day before Thanksgiving. Ag markets are closed on Thurs Nov 28 and close early on Fri, Nov 29th.
Grains are higher. CH is up 1 cent and near 3.79. WH is up 2 cents and near 5.32. SF is up 2 cents and near 8.91. US stocks are higher. US Dollar is marginally higher Crude is higher.
For the month to date wheat prices are up 17 1/2 in SRW, up 11 1/4 in HRW, down 28 1/4 in HRS; Corn is down 19 1/4; Soybeans down 46; Soymeal down $0.85; Soyoil down 0.48. (January crushing margins up 20 1/4 cents at $1.03 3/4, oil-share up 0.33 % at 33.89%).
Quiet overnight grain trade. Reports from WH that trade talks are going well is helping US stocks and could be providing support to grain futures. Long term, soybean, corn and wheat prices could struggle if 2020 weather is normal and crops exceed demand. Deere reported that they expected lower earnings in 2020.
Western Midwest weather forecasts call for dry conditions or just some lingering light snow in the northeast Wednesday. Dry conditions or just a little light rain Thursday.
Eastern Midwest is looking at light to moderate rain later Tuesday and early Wednesday and dry weather Thursday.
Brazil’s Rio Grande do Sul and Parana are forecast to see showers and thunderstorms move from south to north Wednesday with moderate to heavy totals are expected, and dry conditions or just a few light showers in Parana Thursday. Mato Grosso, MGDS and southern Goias will see episodes of scattered showers and thunderstorms Wednesday-Monday with rainfall totals for the period Wednesday-Friday will be moderate to heavy.
Argentina’s Cordoba, Santa Fe, North Buenos Aires forecast is calling for dry weather Wednesday-Friday. La Pampa, South Buenos Aires are looking at dry weather Wednesday-Thursday.
Preliminary changes in futures Open Interest as of November 26 were: SRW Wheat down 10,933 contracts, HRW Wheat down 7,179, Corn down 32,710, Soybeans up 22,548, Soymeal up 1,844, Soyoil up 1,060.
USDA monthly oilseed crushings report is expected to show that a record 5.582 million short tons, or 186.1 million bushels, of soybeans were processed in October. Estimates ranged from 184.9 million to 187.5 million, with a median of 186.0 million. U.S. soyoil stocks are estimated to drop slightly to 1.763 billion lbs, ranged from 1.726 to 1.829 billion lbs, with a median of 1.750 billion.
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