Market recap (changes on week):
- December corn up $.02 at $6.59
- January soybeans down $.04 at $14.36
- December soybean oil down 3.28 cents at 73 cents/lb
- December soybean meal up $4.50 at $411.40/short ton
- December wheat down $.19 at $7.99
- July wheat down $.23 at $8.31
- WTI Crude Oil down $4.71 at $79.94/barrel
Weekly highlights:
- After six straight weeks of increasing US ethanol production- output fell last week below 300 million gallons on the week. Weekly gasoline usage also pulled back 3% on the week.
- Last week’s National Oilseed Processors Association October crush report showed that members collectively crushed 184.5 million bushels of soybeans during the month- right on the dot with pre-report trade estimates.
- US ag export sales were relatively strong for corn and soybeans. Soybean sales were especially strong and the second largest volume on record.
- Open interest futures and options positions of Chicago wheat and Chicago soybeans were marginally up this week while corn saw a 4% decrease in open interest positions. Money managers sold out of net corn positions in a big way over 60,000 positions while the soybean market saw a more marginal sell off of nearly 11,000 positions.
- The UN, Ukraine, and Russia grain corridor agreement was extended for another 120 days starting Nov. 18th, without any changes to the current one.
- Last week’s USDA Cattle on Feed Report showed all U.S. cattle on feed as of Nov. 1 at 11.706 million head or 98.0% of last year’s volume. October placements were down sharply at 93.9% below.
- The nation’s second largest railroad worker union narrowly rejected the agreement that prevented a national railroad strike two months ago. Without an agreed deal- portions of the railroad industry could strike as early as December 8th.
- Weekly US export inspections were up week over week for corn, soybeans, grain sorghum and wheat. Everything was within pre-report trade expectations.
- Some of the US export sales help is coming on the heels of a weaking US dollar index which traded at its lowest level since August last week.
Find more agriculture news at: brownfieldagnews.com
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.