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Afternoon comments 11-16-18  December corn closed slightly lower as it continues to chop around in a sideways pattern.  Last week’s corn export sales totaled 35.1 million bushels which was on the upper end of trade estimates.  January soybeans closed slightly higher as it also continues to keeps in a narrow sideways pattern.  Prices are likely be supported by more crop loss the USDA has currently estimated due to the tough weather conditions.  Last week’s soybean export sales came in at 17.3 million bushels which was on the low end of trade estimates.  December KC wheat closed slightly higher after a narrow sideways session.  US fob wheat values remain at a slight premium to Russian offers.  Last week’s wheat export sales came in on the low side of trade expectations with only 16.1 million bushels being sold.  Closing cash bids corn and milo down 3 cents while wheat and beans closed 3 cents higher.  Have a great weekend. 


Morning Grain Comments 11-16-2018 – The grain markets got off to a slow start but moved higher before selling moved in during the night which moved them into negative territory.  Soybeans have chart resistance and fundamental resistance with a big crop and limited exports, in other words, same-ol, same-ol.  The export sales report at 7:30 this morning showed 35.1 million bushels of corn which was near the top of the pre-report trade estimates, soybean sales of 17.3 million bushels which was within the trade estimates but in the lower third of the trade estimates, and wheat sales of 16.1mb which was also at the lower end of the trade estimates.  The initial reaction to the export sales report was about a half-cent lower across the board.  In world grain trade news, grain buyers in South Korea purchased 8 million bushels of corn with 5.6 million bushels optional origin and the other 2.4 million bushels coming from the U.S.  At the end of the night session at 7:45 this morning, Kansas City December wheat was unchanged from Thursday’s close, Chicago December corn was down 0.75 cent, and Chicago January soybeans were 2 cents lower.  Have a great day and weekend.  
 

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