“If the old adage “big crops become bigger” rings true, the bearish supply narrative for US corn and soybeans will flourish all the way into January, and possibly beyond.” -News out of Chicago this a.m.
US trade expectations for the resumption of grain and soy complex trading at the CBOT on Friday. WHEAT - Steady to up 2 cents per bushel. Some bargain buying is expected after two days of losses pushed market to 2 ½ week low. But ample global supplies, low export demand for US offerings keep gains in check.
Chicago soybean futures were higher on Friday, boosted by concerns about planting delays in Argentina and a rise in palm oil prices to the highest level in more than four years.
Wheat prices were little changed and remained on track for a weekly loss while corn futures eased as ample supplies kept both markets on the defensive. Dealers say the market was boosted by strong palm oil prices, with Malaysian futures rising to their highest level in more than four years on Friday due to low stocks.
Argentine farmers are expected to plant 19.6 million hectares with soybeans this season, down 2.5 percent from the previous crop year as growers pile into corn and wheat...the Buenos Aires Grains Exchange said on Thursday.
Brazil’s official crop supply agency, Conab, forecast Brazil early next year would harvest a soybean crop of 101.6 MT to 103.5 MT, down slightly from its outlook of 101.9 to 104.0 MT last month.
OPEC reported an increase in its oil production in October to a record high led by members hoping to be exempt from the producer group’s attempt to curb supply, pointing to an even larger global surplus next year. The Organization of the Petroleum Exporting Countries pumped 33.64 million barrels per day last month, according to figures OPEC collects from secondary sources, up 240,000 bpd from September, OPEC said in a monthly report.
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