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Grain Market Insight
Afternoon Grain Comments 11-12-2019 – The wheat market today was said to be supported into a double-digit gain by fund buying with no significant news that should have pushed that market higher. The funds were said to buy back the quantity of grain they sold yesterday with again, not much of a reason for doing so. The export inspections report this morning showed 11.2 million bushels of corn, 2.6 million bushels of milo, 54.5 million bushels of soybeans, and 10.8 million bushels of wheat. These numbers weren’t great as we need demand to draw down the excess stocks we have in the U.S. The one market that should have had some fundamental support due to the export inspections this morning was only able to hold steady even with corn and wheat moving higher. The comment that China is trying to expand their soybean production is interesting to me because unless they are able to increase all production, the more acres they dedicate to soybean will necessitate that they import more corn. At the close today cash wheat was 16 cents higher, corn and milo were up a nickel, and soybeans ended the day unchanged from Monday’s close. Have a great evening.
Morning Grain Comments 11-12-2019 – There are two weekly reports that will be of interest today with the Export Inspections report at 10 this morning and the crop progress report at 3:00 (really, I mean it, they should be released today). The grain markets had a good start to the night session after the down markets Monday but enthusiasm waned and values retreated some. Trade volume during the night session was about normal but less than we had been seeing in recent night sessions with soybeans and the soybean complex getting a good bit of the volume. Traders are expecting good soybean inspections in the report this morning so hopefully it won’t be a disappointment which we see sometimes when people buy the rumor and sell the fact. In world grain trade news, NOFI in South Korea purchased 2.2 million bushels of optional origin feed wheat, Japan has tendered for 4.3 million bushels of milling wheat in their regular weekly tender with the about half of it to come from Canada and the remaining half split between Australia and the U.S., and the U.K. reported nearly 10 million bushels of wheat exports in September. At the end of the night session at 7:45 this morning, Kansas City December wheat was 3.25 cents higher, Chicago December corn was up 0.25 cent, and Chicago January soybeans were 0.25 cent lower. Have a great day.
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