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USDA Predicts Largest Corn Yield to Date

Rain Delays Wheat Harvest in Australia

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"A lot of the bearish news is out there, so how much more bearish can you be when we know there is a lot of grain and oilseeds?" --News out of Chicago this a.m.

Palm oil stocks rose 1.7% for the month, but were expected to be up 8%, so bullish for Palm Oil, bullish for beans.

The monthly crop production report on Wednesday, the USDA struck down analysts' assumptions of a shrinking domestic corn crop with a yield projection of 175.3 bushels per acre, some 1 percent higher than both last month's estimate and market expectations. This figure marks the largest prediction of corn yield to date from USDA's National Agricultural Statistics Service.

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Exporters sell 126,000 metric tons of soybeans for delivery to China during 2016/2017 marketing year. Exporters sell 140,000 metric tons of corn for delivery to Saudi Arabia during 2016/2017 marketing year.--USDA

Rain is delaying the wheat harvest in parts of Australia, threatening to disrupt deliveries from the world's #4 exporter of the grain to key markets. Expecting a near-record crop of close to 30 MT, exporters had sold new-crop wheat for shipment in Nov and Dec.

WEEKLY EXPORT SALES-

Actual Expected

Corn 1,233 Current

1,282 New 1,100-1,400

Soybeans 1,001 Current

1,247 New 1,700-2,000

Wheat 769 Current

787 New 300-500


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