Morning Comments November 27, 2017
Monday, November 27, 2017, 8:11 AM
Submitted by: Landus Cooperative
Corn: Steady to 1 lower
Beans: Steady to 1 lower
Friday, the December corn contract closed 3 lower settling at $3.42 1/4. The July contract was 2 lower closing at $3.71 1/4. For the week, the December contract closed 3/4 lower and the July contract closed unchanged. The January bean contract closed 4 lower Friday, settling at $9.93 1/4 and the July contract closed 3 3/4 lower settling at $10.22 1/2. For the week, the January contract closed 2 3/4 higher and the July contract closed 3 cents better.
Corn export sales reported Friday for the previous week were in line with trade expectations of 43.6 million bushels. Year-to-date commitments are 27% behind last year, while USDA forecasts only a 16% drop for the 2017 crop. The weekly ethanol production last week was an all-time high. The dollar traded weaker and crude oil finished slightly higher. OPEC will meet this week to discuss further production cuts for 2018. Bean export sales reported Friday of 33.2 million bushels were below market trade guesses and were a marketing year low.