Soybeans were up early to start the week but succumbed to the bearish side like everything else; it’s a dire situation for the markets at this point, even ahead of plenty of soybean demand data this morning, with corn and beans perched perilously above last week’s contract lows and holding...
South Korea’s Daehan Flour Mill Co. bought just shy of 25k tonnes of Canadian milling wheat overnight, for February shipment.
Soybean planting in Brazil’s #1 soybean state Mato Grosso rose 23 points last week to 84% complete; nationwide bean planting advanced 13% to 60% done, still behind the 71% five-year average pace according to AgRural
Kazakhstan’s Ag Ministry reported cumulative exports from July 1 to November 10 at 2.459 MMT, up from last year’s 2.443 MMT pace. Total ‘15/16 exports are expected to reach 7.0 MMT, up from 6.444 MMT last season.
Private analysts Informa Friday pegged 2016 U.S. corn at 90.1 million acres, down 750k from last month but still 1.7 mln above 2015. Soybean acreage is seen at a record 85.3 mln, up 1.4 mln from Oct and 2.1 mln above 2015. Thatputs implied output at 14.0 bln bu of corn and 3.95 bln beans. Winter wheat seedings came in at 38.7 mln ac, down 588k vs Oct and 745k acres below LY.
This morning’s October NOPA soybean crush is expected to come in at 161.0 million bushels, which would mark the largest October figure on record, up from 126.7 mbu in September and 158.0 mbu last October. Trade estimates ranged from 158.5 mbu to 164.8 mbu.
Corn export sales totaled just 24.4 million bushels last week but that was still up from the previous week (21.9 mbu) and the comparable week last year (19.9 mbu); cumulative sales have actually picked up about 15 mbu on last year’s pace over the last three weeks. However, corn shipments continue to lag, marking their lowest total at just 10.7 mbu last week, with cumulative shipments already falling 83.5 mbu behind last year’s pace through less than 10 weeks of ‘15/16
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