11/29/17

Morning Bullet Points - 11/29/2017

GOOD MORNING –

 

MARKET HIGHLIGHTS

  • Markets this morning are slightly positive. CH8 up 1 cent, SF8 down 1 cent, WH8 up 3 cents
  • Most of Argentina will remain drier than normal over the next 10 days. Parts of Southern Brazil are dry as well.
  • Central and Northern parts of Brazil continue to see timely rains and good growing conditions for corn and soybeans.
  • US corn exports through late-Nov are down 42% versus last year, but up from 2015. Questions still linger on USDA estimates.
  • Corn futures still maintain a massive short position, giving momentum to any bulls who might be looking for short term gains.
  • Corn is hitting the lowest price since late-August, testing it’s technical limits on the nearby.

WEATHER

  • Argentina top-soil and sub-soil moisture is getting dry with limited rains in the eastern 2/3rd of the country. Western 1/3rd still looks to receive scattered thunderstorms.
  • The Midwest 6-10 forecast has turned wetter, with above average percip and temps seen for most of the Midwest.
  • Brazilian corn and soybeans have plenty of moisture and should remain that way through the first part of December.

OVERALL

  • March corn broke the 3.50 barrier briefly before pulling back up. Corn is once again testing it’s technical limits. Although Argentina looks to be dry it’s not dry enough to spark a major rally. The bulls only selling point at the moment is the massive short position in corn, but that will only net us a 10-20 cent rally.
  • Soybeans have begun to look directionless, which seems to be the trend of most commodities these days. Soybeans have a tendency to be more volatile than corn, so it’s possible that SA weather sparks a change and brings corn along for the ride.
  • Wheat remains rather directionless and uninteresting.

 

Fun Fact of the Day: According to a tradition believed to have been derived from the Romans, the wedding ring is worn on the left hand ring finger because there was thought to be a vein in the finger, referred to as the 'Vena Amoris' or the 'Vein of Love' said to be directly connected to the heart.

Want Updates?

Keep up with our market interpretation news and other important info. To receive text or email updates, simply click the button below and fill out the form.

Get Updates