"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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