There is Too Much Rain in S Brazil

MORNING AG OUTLOOK

Grains are mixed to lower. SF is down 10 cents and near 13.72. SMZ is near 462.0. BOZ is near 52.40. CZ is down 3 cents and near 4.74. WZ is down 4 cents and near 5.75. KWZ is down 2 cents and near 6.38. MWZ is unch and near 7.29. US stocks are higher. US Dollar is lower Crude is higher. Gold is higher.

 

SF traded as high as 13.85 before selling off to 13.72. There remains too much rain in S Brazil. Central and north Brazil 7 day forecast is dry. EU and GFS 8-12 Brazil C/N forecast has showers. Dryness returns to C/N Brazil early in Dec. Weekly US soybean exports were near 61 mil bu. Season to date exports are 515 mil bu vs 546 ly. USDA did announce 204 mt US beans to China. One private crop watcher est Brail soybean crop near 158 mmt vs USDA 163. US soybean harvest is near 95

CZ traded as high as 4.78 before selling off to 4.73. There remains too much rain in S Brazil. Central and north Brazil 7 day forecast is dry. EU and GFS 8-12 Brazil C/N forecast has showers. Dryness returns to C/N Brazil early in Dec. Weekly US corn exports were near 24 mil bu. Season to date exports are 242 mil bu vs 197 ly. USDA did announce 144 mt US corn to Mexico. One private crop watcher est Brazil corn crop near 121 mmt vs USDA 129. US corn harvest is near 88 pct harvested. MI, OH and WI are still behind normal.

Wheat futures are lower. Black Sea weather is okay. EU is wet. US south plains HRW is dry. US exports are near 273 mil bu vs 367 last year. USDA dropped US winter wheat rating 3 pct to 47 G/E. vs 32 ly. KS is 31 pct, IL 73. OR 35. Russia still offering wheat exports at lower prices.

 

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