Morning Comments November 30, 2017
Thursday, November 30, 2017, 8:11 AM
Submitted by: Landus Cooperative
Corn: Steady to 1 cent lower
Beans: 4 to 5 cents lower
Wednesday, the December corn contract closed 2 3/4 higher finishing at $3.39. The July contract was 3 1/2 higher finishing at 3.69 3/4. EIA weekly ethanol production declined 3 million galls to 313 million gallons. This number was still the second largest weekly production. USDA’s weekly export sales coming out this morning are expected to be somewhere between 700,000 and 900,000 MT for corn.
The January bean contract closed 1/2 lower yesterday finishing at $9.92 1/2 and July was steady, settling at $10.23. USDA’s weekly export sales this morning are estimated to be between 775,000 to 950,000 MT for soybeans. The trade is also looking at the EPA’s biofuels mandate which may be out sometime today.
The dollar is trading slightly higher this morning and the January crude oil contract is trading a tick higher as well.