The week started off on a slow note in the corn trade with prices sagging lower in a low volume trade ahead of tomorrow’s USDA crop report. CH and CK each settled 1 ½ cents in the red. Fresh news was limited as there was little new regarding U.S./China trade. This allowed today’s trade to be largely driven by outside markets, which were negative in influence. Equity markets were lower again today and crude oil was more than a dollar lower as of early afternoon. The Dollar was firmer. The weekly export inspection report showed corn shipments for the week ended November 29th of 34 million bu. Marketing year to date shipments now total 595 million bu. or 256 million bu. more than a year ago. The USDA announced a large sale of U.S. corn to Mexico totaling just under 65 million bu. of which 43 million bu. is old crop with the balance for the 2019/20 marketing year, but it did little to affect today’s trade. The sale is thought to be to a Mexican corn syrup producer. Tomorrow’s crop report is not expected to include significant changes to the corn balance sheet as the USDA does not release a December production report but just a S/D report. The average trade guess for 2018/19 ending stocks is 1.738 billion bu. vs. the November crop report’s 1.736 billion bu.
Soybeans were lower today with SF down 7 cents and SH giving back 6 ¼ cents in a dull trade. Commodity funds were light sellers of soybeans with sales as of midday estimated at 1600 soybean contracts. The lower equity and crude oil markets and a firmer Dollar were negative to commodities in general and soybeans in particular today. Rumors have persisted the past week that China will buy large quantities of U.S. soybeans, but no sales to China have yet been reported. The USDA did announce a sale this morning of 125,000 MT’s of U.S. soybeans to an unknown destination. Weekly export shipments were reported to be 34 million bu. 2018/19 year to date shipments total 521 million bu. or 365 million bu. less than the year ago total. Both the USDA and CONAB will release their December crop reports tomorrow; traders expect 2018/19 soybean ending stocks to be near 945 million bu. or 10 million bu. less than last month’s projection. Generally favorable weather during the early part of the Brazilian growing season may prompt CONAB to increase its soybean crop estimate.
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