Morning Comments November 28, 2017
Tuesday, November 28, 2017, 8:11 AM
Submitted by: Landus Cooperative
Corn: 1 to 2 cents lower
Beans: 4 to 6 cents lower
Yesterday, the December corn contract closed 3.5 cents lower to finish at $3.3875. The July corn contract finished 3 cents lower at $3.6825. Argentina is calling for needed rain over the next 5 to 7 days – corn and soybean crops there are about 50% planted. Weekly export inspection report Monday morning came in at trade expectations at 25.1 million bushels. Corn exports need to average 40 million bushels per week in order to meet USDA projections for the marketing year.
January bean contract closed 2.75 cents higher yesterday finishing at $10.255. Weekly export inspections came in on the low side of expectations at 58 million bushels. US exports will have to run 15% higher than last year’s numbers to meet the USDA’s projections for the marketing year.
Outside markets are mixed with the dollar closing higher yesterday and trading higher again this morning. January crude oil closed higher yesterday and RBOB gas closed slightly higher. USDA is set to release preliminary estimates today at 11:00am about thoughts on 2018 acres. It’s important to keep in mind that these numbers are not based on actual survey results.