Grains In the Red. Thursday, November 21, 2024
March corn is down 1¼¢ this morning.
January soybeans are down 4½¢.
March wheat contracts are also lower. CBOT wheat is down 1½¢. KC wheat is down 3¢. Minneapolis wheat is down a penny.
This morning, USDA announced new export sales:
- China is buying 198,000 metric tons of soybeans for the 2024/2025 marketing year.
- Unknown destinations are buying 135,000 metric tons of soybeans the 2024/2025 marketing year.
- The Philippines are buying 133,000 metric tons of soybean cake and meal for the 2024/2025 marketing year.
USDA also released the weekly U.S. Export Sales report this morning.
Concerning net sales for the 2024/2025 marketing year, The Brock Report said: “Net U.S. corn export sales for the week ended Nov. 14 came in at 58.8 million bushels compared with trade expectations that ran 51-86.5 million bushels and the previous week’s 51.8 million. The sales total, which is toward the lower end of the range of expectation looks a bit disappointing.
“Net weekly U.S. soybean export sales came in at 68.4 million bushels compared with trade estimates that ran 36.5-70 million bushels and the previous week’s 57.2 million. The soybean sales total looks supportive for soybean prices, but may not be enough to support them against continued pressure from South American production prospects and fears of a new U.S.-China tariff war….
“Net weekly U.S. wheat export sales came in at 20.2 million bushels compared with trade estimates that ran 10-22 million bushels and the previous week’s sales of 14 million bushels. The sales total looks supportive for wheat prices.”
February live cattle are down 33¢ this morning. January feeder cattle are up 48¢. February lean hogs are up 45¢.
January crude oil is up $1.15.
The U.S. Dollar Index December contract is down to 106.48.
December S&P 500 futures are unchanged. December Dow futures are up 149 points.
Further development of the grain and oilseed markets of Ukraine and the Black Sea region will be in the spotlight of the BLACK SEA GRAIN. KYIV conference, taking place on April 22–23 in Kyiv. The event will focus on strategic directions for the agricultural sector through 2030, including investments, energy independence, processing, and exports of high-value products.
Join strategic discussions and networking with industry leaders to gain актуальна insights, discover new business opportunities, and build partnerships with key market players.
Read also
Black Sea & Danube: Crop and Export Forecast
Ukraine to expand sunflower and rapeseed area while soybeans decline — FAS USDA
Wheat faces biggest weekly drop in eight months on higher inventories
Cargill’s head of world trading departs firm after three decades
Indonesia deploys African weevils to boost palm oil output
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