In the overnight session the grains were mostly unchanged with corn up ½ a cent, soybeans up 3 ½ cents and wheat up ¾ of a cent. Soybeans traded sharply lower yesterday after recent weather models show improved precipitation in Argentina for the weekend. January soybeans are now trading near November 14th lows which may provide some support during the trading session in the short term.
The NOPA crush numbers will be released today at 11 AM CST and are expected to show the strongest crushing rate on record for this month. Analysts are expecting to see 163.191 million bushels crushed in the month of November which would be a slight decrease from the 164.242 million bushels crushed in October. Analysts are expecting soy oil stocks to be reported at 1.269 billion pounds, up from 1.224 billion pounds at the end of October.
The US government announced that La Nina conditions forecast around an 80 percent chance of developing in the Northern Hemisphere throughout the winter of 2017-18. Expectations are for a transition to Enso Neutral by mid to late spring.
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