Grains were modestly higher overnight with beans showing a modest boost and corn and wheat trading fractionally higher. In outside markets, the USD backed off its 14-year high from yesterday and oil rebounded from yesterday’s sell-off.
Monthly crush data from USDA showed November soy crush at 170.7 MB, slightly below trade estimates of 170.9 MB. USDA pegged corn used for fuel alcohol at 451.9 MB in November, and that’s up from 433.9 MB a year ago.
China’s soybean crush continues to be strong. Year-to-date weekly crush figures show soybean crushing up 4.4%. That would suggest China needs to import 87 to 88 MMT vs USDA’s estimate of 86 MMT.
Winter wheat ratings in KS & OK slipped substantially in the monthly state reports. USDA said OK monthly wheat ratings showed only 25% of the crop good to excellent versus 53% at the end of November. KS also fell from 52% to 44%.
Oil rose on Wednesday, with top exporter Saudi Arabia expected to increase prices for its crude as part of planned supply cuts, although a strong dollar and moderate economic growth prospects restricted gains.
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