Beans Take Back Post-Election Rally

MORNING AG OUTLOOK

Grains are mixed. US stocks are slightly higher. US Dollar is higher. Crude is unch and near $68. Gold is lower and testing 100 DMA for first time since Feb. China market lower ahead of Biden/Xi meeting and Trump appointees and impact on Sino/US relations. US export sales delayed until Friday.

 

raw soybeans

 

SOYBEANS

SH is near 10.20. Soybean futures have taken back 30 cent post election rally. BOH is near 46 cents. Dalian soybean, soymeal futures were lower. Dalian soyoil and palmoil were sharply lower as collapse in World vegoil prices are correcting due to talk of higher crush rates to satisfy vegoil demand and appointee to Trump EPA. C/N Brazil seeing rains. S Brazil next week. Argentina next week. Bears are still looking for lower soybean futures due to record high South America supplies and lower China demand for US soybeans. Jan-Mar soybean spread tighten to -9.5. Argentina Rosario exchange upped crop est to 53.0-53.5 from 52-53.

 

CORN

CH is near 4.38. Dalian corn futures were higher. Some look for nearby corn futures are near key resistance. US and Ukraine export prices are lower than Brazil. N/C Brazil weather remains favorable for crops. S Brazil could get rains. Argentina weather suggest rains in 2nd week. CZ-CH spread is firmer. US domestic processors bids are firm. USDA announced 401.3 mt US corn to Mexico and 290.8 to unknown. Argentina Rosario exchange dropped corn crop 1 mmt to 51-52. Corn prices supported by US export demand and positive ethanol margins vs resistance from big US crop, higher SA crops and lower China demand.

 

WHEAT

WH is near 5.53. KWH is near 5.52. MWH is near 5.93. Hi pro wheat demand is a little higher than low pro. Higher US Dollar offers resistance. World destination buying remains slow. Argentina and Australia combined Dec-May wheat exports could be 24.5 mmt to 18,5 ly. Nov Russia exports could be down from Oct but season to date pace near or above record. Russia winter wheat acres could be lowest since 2018-19 which could offer support. Trump yet to appoint new Ag Secretary.

 

 

 

 

 

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