CORN
- Corn futures have started Friday slightly lower. December futures have lost 1/4 cent to trade at 428-1/2. March futures have lost 1/4 cent to 4442-3/4.
- Traders are also turning their attention to the USDA’s November Supply and Demand report, scheduled for release next week after October’s report was skipped amid the ongoing U.S. government shutdown.
- The U.S. Dollar Index traded lower during yesterday’s session. A renewed downward trend in the currency could provide support to grain markets.
SOYBEANS
- Soybean futures are trading higher this morning. January futures are trading 5-1/2 cents higher at 1113. March futures have risen 4 cents, trading at 1121-1/2.
- Chicago soybean futures have firmed this morning, but remained on track for their first monthly decline. Lower-than-expected Chinese demand has started to pressure market sentiment.
- China has started making modest purchases of U.S. farm products following last week’s meeting between the two countries’ leaders, though traders are still awaiting significant soybean purchases after the White House said Beijing pledged to buy 12 million tons by year-end.
WHEAT
- Wheat futures have started the day mixed, but mostly lower. December Chicago wheat futures are 2-1/2 cents lower to 533. December Kansas City wheat is trading 1-1/4 cents lower to 521. MIAX wheat has gained 1 cent, now trading at 558.
- A Bloomberg analyst survey indicated that U.S. wheat export sales may have totaled 750,000 metric tons, well above the 375,000 metric tons reported a year ago. Estimates ranged from 500,000 to 900,000 metric tons. The official export sales report has been delayed due to the ongoing government shutdown.
- It has been reported that China purchased two cargoes of U.S. wheat for December shipment totaling 120,000 metric tons. Half of the volume was soft white wheat, while the remainder consisted of spring wheat.
Author
Matthew Lucas