Afternoon Grain Commentary 2018-08-29T18:26:48+00:00

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December 7 Afternoon Comments

By Steve Freed

Soybeans traded higher. Soymeal and soyoil were unchanged to lower. Corn and wheat were higher. US stocks were lower. Crude was higher. US Dollar was lower

SOYBEANS

Soybeans traded higher. There remains a considerable amount of unknown concerning US and China trade relations. Today there was talk that over the last few days, China has begun to ask for prices of US PNW soybeans. China government can buy US soybean and get rebated the tariff. Private China rushers cannot. Most feel eventually there will be a deal. Key is how the funds react and then how US farmers react if there is a rally in prices. Weekly US soybean export sales were near 33 mil bu. Total commit is near 887 vs 1,333 last year. USDA goal is 1,900 vs 2,129 last year. World Sep-Nov soybean exports are near 35.3 mmt vs 39.0 last year. Brazil is 15.0 vs 8. 9 ly. US is 14.0 vs 23.3 ly.

Soybean Futures Chart

CORN

Corn futures ended higher. Talk that China may be asking for prices of US Ag commodities may have helped prices. Good weekly export sales may have also supported prices. Good sales may have helped offset fact US ethanol stocks keep rising and margins are still in

The red. March corn futures are testing recent highs. March corn futures resistance remains near 3.90. Support is near 3.80. Weekly US corn export sales were near 46 mil bu. Mexico, Japan and unknown were best buyers. Total commit is near 1,053 vs 901 last year. USDA goal is 2,450 vs 2,438 last year. USDA est World corn trade near a record 165 mmt. Last year was 147. US is 63 mmt vs 62 ly. Brazil is 29 vs 22. Argentina is 28 vs 23 and FSU is 30 vs 24 ly. USDA continues to forecast US to lose World export trade share. US Dollar also key. Traditional funds tend to be long commodities when the Dollar is weak and short when it is strong.

Corn Futures Chart

WHEAT

Wheat futures rallied on news that US sold HRW to the unknown. This surprised some exporters. Most do not know who the buyer will be. March Chicago wheat futures found support after USDA announce US HRW export sales to unknown. Resistance is near 5.40. Support is near 5.10. Weekly US wheat export sales were near 26 mil bu. This was above expectations. Total commit is near 573 vs 642 last year. USDA goal is 1,025 vs 901 last year. Some est World 2018/19 World wheat trade near 151 mmt vs 156 last year. US is 26 vs 22. Russia 36 vs 41, EU 20 vs 21, Canada 21 vs 21, Australia 12 vs 15 and Argentina 13 vs 13. some feel final EU and Russia exports could be lower. This could help US demand and futures.

Wheat Futures Chart

The information conveyed by ADMIS or its affiliates to the audience is intended to be instructional and is not intended to direct marketing, hedging or pricing strategy or to guaranty or predict future events, including the pricing and pricing movements of commodities and commodity futures contracts.

December 7th, 2018|
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December 7 Afternoon Comments

By Steve Freed

Soybeans traded higher. Soymeal and soyoil were unchanged to lower. Corn and wheat were higher. US stocks were lower. Crude was higher. US Dollar was lower

SOYBEANS

Soybeans traded higher. There remains a considerable amount of unknown concerning US and China trade relations. Today there was talk that over the last few days, China has begun to ask for prices of US PNW soybeans. China government can buy US soybean and get rebated the tariff. Private China rushers cannot. Most feel eventually there will be a deal. Key is how the funds react and then how US farmers react if there is a rally in prices. Weekly US soybean export sales were near 33 mil bu. Total commit is near 887 vs 1,333 last year. USDA goal is 1,900 vs 2,129 last year. World Sep-Nov soybean exports are near 35.3 mmt vs 39.0 last year. Brazil is 15.0 vs 8. 9 ly. US is 14.0 vs 23.3 ly.

Soybean Futures Chart

CORN

Corn futures ended higher. Talk that China may be asking for prices of US Ag commodities may have helped prices. Good weekly export sales may have also supported prices. Good sales may have helped offset fact US ethanol stocks keep rising and margins are still in

The red. March corn futures are testing recent highs. March corn futures resistance remains near 3.90. Support is near 3.80. Weekly US corn export sales were near 46 mil bu. Mexico, Japan and unknown were best buyers. Total commit is near 1,053 vs 901 last year. USDA goal is 2,450 vs 2,438 last year. USDA est World corn trade near a record 165 mmt. Last year was 147. US is 63 mmt vs 62 ly. Brazil is 29 vs 22. Argentina is 28 vs 23 and FSU is 30 vs 24 ly. USDA continues to forecast US to lose World export trade share. US Dollar also key. Traditional funds tend to be long commodities when the Dollar is weak and short when it is strong.

Corn Futures Chart

WHEAT

Wheat futures rallied on news that US sold HRW to the unknown. This surprised some exporters. Most do not know who the buyer will be. March Chicago wheat futures found support after USDA announce US HRW export sales to unknown. Resistance is near 5.40. Support is near 5.10. Weekly US wheat export sales were near 26 mil bu. This was above expectations. Total commit is near 573 vs 642 last year. USDA goal is 1,025 vs 901 last year. Some est World 2018/19 World wheat trade near 151 mmt vs 156 last year. US is 26 vs 22. Russia 36 vs 41, EU 20 vs 21, Canada 21 vs 21, Australia 12 vs 15 and Argentina 13 vs 13. some feel final EU and Russia exports could be lower. This could help US demand and futures.

Wheat Futures Chart

The information conveyed by ADMIS or its affiliates to the audience is intended to be instructional and is not intended to direct marketing, hedging or pricing strategy or to guaranty or predict future events, including the pricing and pricing movements of commodities and commodity futures contracts.

December 7th, 2018|
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