Closing Markets: Corn -3. Beans -6. Wheat +3.
Corn futures finished weaker again today with the nearby contract making a new recent low. December corn closed at the lowest level since Sept. 11th. The lack of export demand and renewed concerns that a China deal may not happen soon weighed on futures again today. The corn funds continue to hold a net short position and seem in no hurry to change that mindset. Corn harvest progress remains hampered by weather and backups at the dryer (both wet corn space and lack of gas). Another round of rain moves through the Midwest tonight and tomorrow. The weekend looks clearer, but it will be cooler. Another system moves through the corn belt during the middle of next week. The weekly ethanol report showed corn used for ethanol last week at 104.2 million bu. This was the 8th straight week of an increase over the week prior. Today’s total does get match up close to the weekly pace needed to meet the USDA goal. Ethanol stocks were estimated to be the lowest since January of 2017 at 20.5 million barrels. Export sales will be released tomorrow.
Soybeans finished 5 to 6 cents weaker for the nearby months. Prices were initially higher as the trade expected a good export sales report tomorrow. During the session, it was reported that a China trade deal may not happen until after the first of the year. Recent reports have suggested that talks are on-going, and Trump was still hopeful that a deal could be signed soon. China would like assurances that tariffs are going to be reduced or eliminated while the U.S. would like more guarantees of U.S. product purchases. Another round of tariff increases on Chinese products is still set for December 15th. Equities backed off as well during the day session. Soybean harvest has a little more work to be done with a few scattered fields still seen across the country. Producers have not been very active in selling beans across the scale.
C -200,000 (-20,000); S -26,000 (-13,000); W -33,000 (+3,000); SM -40,000 (-8,000); BO +73,000 (+8,000)
Have a great evening!!!!
Emery Branch Manager/Originator || Topflight Grain Coop
593 Emery Rd.
Maroa, Il 61756
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