Michaela White

Dec 1, 2020

By: Steve Wagner

Highlights

  • Dr. Scott Atlas resigned form the Corona task force yesterday.
  • Bitcoin traded up to $20,000.00 yesterday, currently it’s at $18,758.80.
  • Continued scattered rains in South America are expected to yield ½ inch to 2 inches.
  • Outside markets as of 8:00 am CT: Dollar down 18 at 91.693, Crude Oil down $.32 at $45.33, Dow is at 29638.64, and Gold is at $1814.20 per ounce.

    Corn

    • Corn exports were 1.665mmt vs estimates of 800tmt to 1.4mmt in today’s weekly report.
    • Corn is China was up 4 ½ cents 2,680 yuan per ton.
    • There were no deliveries in corn.

    Outlook: Corn is expected to open steady to a little higher this morning.  

    Oilseeds

    • Soybean exports were 768.1tmt vs estimates of 700tmt to 1.4mmt, soymeal were 138.1tmt vs estimates of 100tmt to 300tmt and soybean oil were 26.9tmt vs estimates of 12tmt to 50tmt.
    • Malaysian palm oil was up 42 ringgits trading at 3,347 ringgits.
    • China’s Dalian soybean futures last traded off 33 ½ cents last night settling at 3,756 yuan per ton.
    • There were no deliveries in soybean meal or soybean oil.

    Outlook: Soybeans are expected to start higher on turn around Tuesday.

    Wheat

    • Wheat exports were 795.8tmt vs estimates of 200tmt to 450tmt.
      • Sovecon estimates the Russia harvest between 79.2-82.8 MMT in 2021 compared with 85.3 MT in 2020.  IKAR has the Russian crop at 78 mmt.
      • ABARE is pegging the Australian wheat crop at 31.17 mmt.
      • There were six deliveries of wheat, the next available date is November 13th.  

      Outlook: Wheat is expected to trade higher on turn around Tuesday.