CORN
Corn futures are mixed and near 4.37. Bears feel talk of record South America crop offers long range resistance. CH remains in a 4.20-4.40 range but is near the upper end of the range. Funds remain net long corn. Some feel next week, some funds could liquidate corn longs before the holiday and yearend. Normal weather is forecasted for South America crops over next 2 weeks. Weekly US export sales were 1,170 mt. Total commit is 36.3 mmt vs 28.1 ly. USDA goal is 62.8 mmt vs 58.2 ly. Mexico commit is 14.3 mmt. China Nov corn import data suggest they may import less that 10 mmt.
SOYBEANS
Soybean futures are higher and near 9.61. Futures are trying to recover form 40 cent break this week. Bears feel talk of record South America crop offers long range resistance. Trump tariffs could limit new US soybean sales. Normal weather is forecasted for South America crops over next 2 weeks. Weekly US export sales were 1,420 mt and above last week. Total commit is 38.7 mmt vs 35.2 ly. USDA goal is 49.6 mmt vs 46.1 ly. China commit remains near 17.8 mmt. World Sep-Nov soybean crush was 43.7 mmt vs 36.0 ly. Argentina 11.9 vs 5.6 ly. World Sep-Nov soybean exports were 38.5 mmt vs 40.2 ly. Brazil was 13.3 mmt vs 17.1 ly.
WHEAT
Wheat futures are lower with WH near 5.33. Bears feel talk of higher South Hemisphere crops are offering resistance. Higher US Dollar could limit new US wheat sales. World weather remains mostly favorable for 2025 North Hemisphere wheat crops. Higher Argentina and Australia supply could help offset talk of lower Russia exports and lower EU quality. Weekly US export sales were 457 mt and above last week. Total commit is 16.1 mmt vs 14.8 ly. USDA goal is 23.1 mmt vs 19.2 ly.
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