Morning Comments November 29, 2017
Wednesday, November 29, 2017, 8:11 AM
Submitted by: Landus Cooperative
Corn: Steady to 1 higher
Beans: 1 to 2 lower
Tuesday, the December corn contract closed 2 1/2 lower settling at $3.36 1/4, which made a new low for December corn. The July contract was 2 lower closing at $3.66 1/4. The USDA’s long term projections weren’t bullish at all, crude market was weaker, the U.S. dollar was stronger, and there was some liquidation on the December contracts.
The EIA weekly ethanol production and inventory will come out today. Production was in record territory with estimates for production coming in at 315 to 317 million gallons.
January bean contract closed 3 cents lower Tuesday, settling at $9.93. The July contract closed 2 1/2 lower settling at $10.23. The weather has improved in Argentina, and Brazil has no big concerns at this time. Trade is watching for the EPA’s 2018 biofuels mandate which is to come out sometime this week.