Weekly Ethanol Production Down

MORNING AG OUTLOOK

 

Grains are mixed. US stocks are lower. US Dollar is lower. Gold is lower. Crude is higher. US Fed Chairman suggest caution in futures rate cuts. Bitcoin is over $100,000.

 

ground corn

 

SOYBEANS

SH is near 9.94. Dalian soybean, soymeal palmoil and soyoil were lower. Rains are in C and S Brazil. N Brazil and Argentina are dry. Weekly US soybean export sales are est at 1,100-2,500 mt vs 2,490 last week. Soymeal sales are est at 150-550 mt vs 487 last week. Soyoil sales are est at 10-060 mt vs 124 last week. USDA announced 30 mt US soyoil to S Korea. Trade est US soybean carryout at 469 mil bu vs USDA Nov est of 470. Trade also est Brazil soybean crop at 169.3 mmt vs USDA Nov est of 169.0 and Argentina at 51.3 mmt vs 51.0. Trade est World soybean end stocks near 132.4 mmt vs USDA Nov 131.7.

 

CORN

CH is near 4.29. CH could be in a 4.10-4.40 range. Dalian corn futures were lower and made new contract lows. Weekly US corn export sales are est at 750-1,500 mt vs 1,062 last week. Trade est US corn carryout at 1,906 mil bu vs USDA Nov est of 1,938. Trade also est Brazil corn crop at 127.1 mmt vs USDA Nov est of 127.0 and Argentina at 50.8 mmt vs 51.0. Weekly US ethanol production was down 4 pct vs last week. Stocks were up 7 pct vs last year. Margins remain in the red. Trade est World corn end stocks near 303.5 mmt vs USDA Nov 304.1.

 

WHEAT

WH is near 5.51. KWH is near 5.46. MWH is near 5.96. MWH-MWK spread at -8 carry. Black Sea wheat prices are dropping looking for demand. India forecaster suggest Dec-Feb temps above normal which could stress their wheat crop. Most global weather remain mostly favorable for 2025 crops. Trade est US wheat carryout at 814 mil bu vs USDA Nov est of 815. Weekly US wheat export sales are est at 250-550 mt vs 366 last week. US HRW export prices are now near Germany. Trade est World wheat end stocks near 257.7 mmt vs USDA Nov 257.5. Trade est Canada wheat crop a5 35.0 mmt vs 32.9 ly and USDA 35.0.

 

 

 

 

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