Dec 5 Morning Ag Commentary

US stock market will be closed today in observance of the Funeral of former President G.H.W Bush.

Grains are lower. SF is down 2 cents and near 9.09. CH is down 2 cents and near 3.82. WH is down 4 cents and near 5.17. Crude is lower. US Dollar is lower. S/P futures are higher.

CBOT March corn faces a resistance at $3.85 per bushel, it may hover below this level or retrace to a support at $3.81 again. CBOT soybean January contract may retest a support at $8.99-3/4 per bushel, as its correction from the Dec. 3 high of $9.23-3/4 looks incomplete. CBOT March wheat may break a support at $5.19-3/4 and fall to the next support at $5.16-1/2 per bushel.

Average trade est for US 2018/19 corn carryout is near 1,738 mil bu vs USDA Nov best of 1,736, Range is 1,700-1,790. Average trade est for US 2018/19 soybean carryout is near 945 mil bu vs USDA Nov best of 955, Range is 875-975. Average trade est for US 2018/19 wheat carryout is near 956 mil bu vs USDA Nov best of 949, Range is 924-984.

Brazil’s weather forecast has close to average rainfall in the north with little in the way of the rest of the growing regions through the first half of next week. A front is then seen bringing fairly soaking rains to the south by the end of next week which will be of benefit.

Argentina’s weather forecast is still mostly dry into Monday of next week. A front is forecasted to bring fairly widespread and soaking rains to most areas by the middle of next week.

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2018-12-05T12:59:20+00:00 December 5th, 2018|