Morning Comments December 5, 2017
Tuesday, December 5, 2017, 8:12 AM
Submitted by: Landus Cooperative
Corn Steady to up 1
Beans up 7
Grain futures are mixed this morning with soybeans leading the way after a lethargic close yesterday. Cash markets have strengthened and futures could follow in December, but anything more than a short covering rally unlikely without weather trouble in South America due to large supplies on hand. South America weather forecast outlook shows below normal rainfall for Argentina and most of southern Brazil over next week to 10 days. Northern Brazil is average-to-above rainfall & temps remain above normal with no signs of extreme heat. Australia’s wheat production continues to decline as La Nina conditions bring heavy rains to eastern Australia. Egypt expects to see wheat acres increase from 3.11 to 3.74 million acres. Egypt is the world’s largest wheat importer and expects to import 7MMT from overseas.
Have a great day!