Ag Market View for Nov 16th


January Soybeans closed lower on the session after the early rally to the highest level since October 27 failed to attract new buying interest. December Soybean Oil closed sharply higher on the day, but Soybean Meal closed moderately lower with an inside trading day. Exporters announced the sale of 161,000 tonnes of US soybeans were sold to unknown destination. Traders are hopeful that meetings between the US president and the China president may be helpful in expanding trade.


December Corn closed moderately lower on the session and the market tested yesterday’s low. Ideas that the market is in an overbought condition plus talk that the weather in South America is favorable for the freshly planted crop helped to pressure. Exporters announced the sale of 270,000 tonnes of US corn for delivery to Mexico. South Korea bought 68,000 tonnes of corn overnight. With the US harvest 91% complete, traders will monitor South America production prospects more closely.


December Chicago Wheat closed sharply lower on the day and took out yesterday’s low. Talk of the overbought condition of the market and a continued strong gain in the US dollar has helped to pressure the market. December Minneapolis Wheat bounced off the low after a break to the lowest level since October 22. European milling wheat futures fell on ideas that Russia will be in the market to supply Algeria for their tender.

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