As of 8:00AM
Corn: Dece17 +0’6 @ 336’4 MAR18 +1’2 @ 349’0
Beans: JAN18 +4’0 @979’6; MAR18 +4’2 @ 991’4
Wheat: MAR18 +2’2 @ 413’0
December 13, 2017 by Steve Freed
Grain are mixed. Turnaround Wednesday? SH is up 2 cents and near 9.89. BOH is down 8 points and near 33.52. CH is up 1 cent and near 3.48. WH is up 1 cent and near 4.12. US Dollar is mixed to lower. Crude is higher. Gold is higher. Chinese Ag futures (May) settled up 2 yuan in Soybeans, up 5 in Corn, down 8 in Soymeal, down 18 in Soyoil, and down 14 in Palm Oil. The Malaysian Palm Oil market was down 11 ringgit at 2,462, basis February, a fresh 5 month low on weak export demand.
The South American weather forecast has some rains for southern and western Argentina over the next 24 hours with better coverage rains for the weekend and again at the end of next week. Rains do not indicate a pattern change for decent rainfall going forward. Things remain mostly dry for southern Brazil through the weekend with better rains seen next week. Ongoing rains continue in northern Brazil. The 6-10 day forecast has close to average rains for northern Brazil. Brazil's association of oilseed processors Abiove on Tuesday raised its projection for the country's soybean exports in 2017 to a record 67.8 million tons, as demand from China remained heated. Brazilian senators passed on Tuesday a bill proposing sharp increases in the use of biofuels such as ethanol and biodiesel in the country in coming years. The Baltic Exchange's main sea freight index, which tracks rates for ships carrying dry bulk commodities, on Tuesday reached closer to its four-year high due to surging demand for capesize and panamax vessels. Funds sold 8,000 soybeans, 4,000 soymeal, 5,000 corn and 3,000 wheat and bought 2,000 soyoil on USDA Tuesday. Funds are estimated to be long 15,000 soybeans, long 41,000 soymeal, long 17,000 soyoil, short 180,000 corn and short 138,000 wheat.
Mar Beans 985 995
Mar Bean Oil 33.47 33.65
Mar Meal 328 331
Mar Corn 347 350
Mar CGO Wheat 410 415