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.
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