December corn in the red. Thursday, November 7, 2024
December corn is down 2¾¢ this morning.
January soybeans are up 3¾¢.
December wheat contracts are down. CBOT wheat is down 6½¢. KC wheat is down 9¼¢. Minneapolis wheat is down 6¼¢.
This morning USDA announced unknown destinations are buying 120,000 metric tons of corn for the 2024/2025 marketing year.
USDA also released the weekly U.S. Export Sales report this morning. Matt Zeller, senior market intelligence analyst at StoneX, analyzed the report:
“U.S. exporters sold a whopping 108.9 million bushels (mb) of corn to foreign buyers on the week ending Oct. 31, up from 92 mb the week prior and just 40 mb on the comparable week last season — though it was still below the 141.8 mb figure from two weeks ago.
“Recent strong sales have cumulative corn sales since Sept. 1 up to 1.125 billion bushels — already 365 mb ahead of last year’s pace through nine weeks, with the USDA only looking for a +33 mb year-over-year corn export increase.
“Mexico has been by far the number one customer at over 470 mb of 2024/2025 sales, up 121% from last year’s pace, with ‘unknown’ by far the number two buyer at 252 mb — over three times last year’s comparable figure.
“Soybean export sales were no slouch either this week at almost 75 mb, on the high end of trade estimates; cumulative sales there are up to 1.040 billion bushels, almost 150 mb ahead of last year’s pace with the USDA only expecting a +155 mb entire-year soybean export increase in 2024/2025.”
December live cattle are up 33¢. January feeder cattle are down 3¢. December lean hogs are down 70¢.
December crude oil is down 29¢.
The U.S. Dollar Index December contract is down to 104.22.
December S&P 500 futures are up 26 points. December Dow futures are up 31 points.
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