Morning Highlights


Highlights

  • First notice day for December grains, soymeal, and soyoil is on Friday, November 29th. Longs should be out of their position by the close today to avoid risking delivery.
  • The ag markets will have a normal close today and will not reopen until 8:30 AM Central on Friday. On Friday, the ag markets will close at 12:05 PM Central.
  • Weekly export sales will be delayed until Friday in observance of the Thanksgiving holiday.
  • Outside markets as of 7:00 AM Central: January crude oil at $58.44 per barrel up $0.03; gold at $1,457.50 down $2.80; DJIA at 28,121.68 up 55.21 points; US Dollar Index at 98.326 up 0.074.

Corn

  • Corn trade higher overnight in a narrow range as the market seems content to hover in its current range.
  • The Korea Feed Association reportedly purchased 62,000 tonnes of corn from optional origins for $208.38 a tonne c&f.
  • Spreads: Z/H 11 cent carry; H/K 6 cent carry; K/N 5 ¼ cent carry; Z/N 22 cent carry.

 Outlook:  Unchanged to 1 higher

Oilseeds

  • Soybeans bounced slightly higher overnight after setting a fresh two month low on the January contract of $8.82 ¾.
  • South Korea reportedly purchased soymeal for $355 a tonne c&f. The size of the purchase is unknown at this time.
  • Malaysian palm oil was up 11 ringgits and settled at 2,687.
  • Chinese soybeans were down 2 and settled at 3,376 yuan per ton, soymeal was down 2.10 and settled at 2,751 yuan per ton, and soy oil was down 27 and settled at 6232 yuan per ton.
  • Spreads: F/H 14 ½ cent carry; H/K 14 ½ cent carry; K/N 12 ¾ cent carry; F/N 41 ¾ cent carry.

Outlook: 1 to 3 higher

Wheat

  • The wheat markets were higher overnight, with Kansas City and Chicago leading the way and Minneapolis trading close to unchanged. The Z/H Chicago spread has been flirting with going to an inverse while the Minneapolis Z/H has traded to its widest point at 18 ½ this morning.
  • Three companies have reportedly made offers in Jordan’s tender for 120,000 tonnes of wheat, but a sale has not yet been reported.
  • China reportedly sold 54,363 tonnes of wheat from their state reserves at auction for 2,331 yuan per tonne.
  • Spreads: Chicago Z/H ¼ cent carry; Kansas City Z/H 9 cent carry; Minneapolis Z/H 18 ¼ cent carry.

Outlook: Mostly higher led by the winter wheat markets.