Grains Are Quietly Marginally Higher


Grains are quietly marginally higher. SH is up 1 cent and near 13.34. SMH is near 396.2. BOH is near 49.84. CH is unch and near 4.79. WH is unch and near 6.15. KWH is up 1 cent and near 6.38. MWH is up 6 cents and near 7.23. US stocks are higher. US Dollar is lower. Crude is higher. Metals are higher. China finally announced new cash inflow stimulus. US equites near all time high on pivot mania .

Old Glory on a barn

CH is unchanged. CH remains in a broad 4.70-4.95 range but near the lower end of the range. Dalian corn futures are lower. China domestic corn prices are lower. China is forecasted to increase higher yielding GMO corn acres. Brazil corn export supply is down but Ukraine and Argentina are up. Argentina farmers upset with the bottom line of proposed new policy. Argentina also raised import taxes. Trade still worried about higher US Dec 1 stocks and USDA increase US 2023 corn crop in Jan. US corn export commit is up 36 pct vs last year and versus USDA forecast of up 26 pct. 49 pct of Argentina corn crop is planted. Crop is rated 36 pct G/E vs 40 last week and 18 ly. There was flooding noted in Rosario.

SH remains near midpoint of 13.00-13.50 range. SMH is below 400. BOH is below 50 cents. Dalian soybean, soymeal, palmoil and soyoil prices are slightly higher. C/N Brazil is warm and dry with heavy rains forecasted next week. Argentina farmers upset with the bottom line of proposed new policy. Argentina also raised import taxes. 60 pct of Argentina crop is planted. 30 pct of crop rated G/E vs 35 last week. Too much rain? US soybean export commit is down 20 pct vs ly and vs USDA est of down 12 pct. USDA announced 400 mt US soybeans sold to unknown. US Nov NOPA soybean crush is est at 186.0 mil bu vs 189.7 in Oct and 179.2 ly.

Push pull wheat futures trade continues with overnight slightly higher. HRW/SRW spread only +23 vs +180 in May. Recent China business could push SRW over HRW.  Saudi Arabia announced a wheat tender for 715 mmt wheat Feb-May. Weekly US wheat export sales were 54 mil bu. Total commit is now up 3 pct vs ly and USDA est of a 4 pct drop. It is raining in  E KS, C OK and NC TX. More US south plains rains are forecasted for next week. Combined 2023 Brazil, Argentina and Australia wheat crops are down 10 mmt vs ly and near 60 mmt. Trade not worried about the drop. Matif wheat futures are lower on lower demand.


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