In the overnight session December Corn is down ¾ of a cent, January Soybeans is down 1 cent and December wheat is down 3 cents this morning. Both December Wheat and December Corn contracts will go into first notice day on Thursday November 30th.
Wheat trades at new lows this morning after Friday’s export sales disappointed traders. Russian wheat prices in the Black Sea also fell last week to $190.5 a metric ton as prices in the U.S and Europe become more competitive. Russian wheat sales will continue to weigh heavily on U.S. wheat prices. Russia has exported 20.2 million metric tons of grain this marketing year as of November 22nd which is up 27.6 percent from the previous year with wheat exports up 25.4 percent year over year.
Brazil soybean planting has increased to 84 percent complete this week, up 11 percent from last week. This is ahead of the five year average pace of 79 percent with the majority of the key growing regions now seeded. In Argentina planting made little progress last week. Soybean seeding now stands at 11.7 percent complete and corn planting is 34.5 percent complete up 5.9 percent from last year. Weather in Brazil continues to bring precipitation in the north but the far south is beginning to see dry areas. Argentina continues to see precipitation in the far North and east central parts of the growing region, but 1/3rd of the crop still needs precipitation. The regions 6-10 day outlook shows improved chances for moisture.
Saudi Arabia’s state grain buyer purchased 723,000 metric tons of feed barley sourced from Australia, North and South America, the EU and the Black Sea.
On Friday China announced that it will cut import taxes on 187 imported products including meats in an effort to stimulate consumer spending. The cuts will take place on December 1st and help U.S products become more competitive.
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