11-15-18

 

Corn. Trading the 50 day MA of $3.65 and the 100 day MA of $3.67 ¼ at play nearly daily. Optimism as some US and Chinese trade officials are actually talking. Ethanol report will be out today. Egg-sets sees no change from last year, chick placements down 2% so seeing contraction that no one seems to be talking about. Ukraine’s crop looks like it is getting larger and they could export up to 27mmt. Trading 2 lower.

 

Soybeans. Trading modestly higher on trade optimism with China/US officials evidently doing some talking ahead of the G20. If we react this way on optimism about talking, how will the market react if a deal is formalized and what about the 955 million bushel carryout? NOPA crush today, 170mb expected for the October crush. Trading 8-10 better.

 

Wheat. Wheat futures remain quite choppy from day to day, as at times it seems like the money is just moving around. Russia’s AgMinister expected wheat exports to remain strong, though down from last year. Saudi Arabia has issued a tender for 475tmt. In a routine tender, Japan bought 13.8tmt US HRS, 11.4tmt US white and 36.5tmt US, and also bought 35.5tmt Canada spring as well as 34.3tmt Aussie white all for late Dec/ FH Jan shipment. Trading 2 to 4 higher.