By: Steve Wagner
- The United Kingdom has approved the Pfizer vaccine for the corona virus and start vaccinating next week.
- Abundant rains in Central and Southern Brazil will improve crop conditions there in the next few days. Wetter forecasts for Southern Brazil and Argentina for the next 6 to 10 days will continue to pressure the markets lower.
- Exxon will take a $17 to $ 20 billion write down for the purchase of XTO a decade ago.
- Outside markets as of 7:00 am CT: Dollar is up 16 at 91.492, Crude Oil down $.06 at $44.82, Dow is at 29,823.92, and Gold is $7.80 an ounce at $1821.90 per ounce.
- Corn traded lower overnight, March futures broke through support at $4.17 ¾ and are currently trading at $4.15 ¼ on the break.
- South Korea bought 65 tmt of corn from an international grain dealer for $239.90 per tonne plus freight of $1.25 per tonne.
- Datagro has pegged the Brazilian corn crop at 114.04 mmt, down from last month’s 114.48 mmt. Brazilian corn exports for November were 4.896 mmt, up from last year’s 4.11 mmt.
- Corn on the Dalian exchange was off 5 ¾ cents at 2,665 yuan per ton.
- There were no deliveries in corn.
Outlook: Corn is expected to continue trading lower.
- Soybeans traded lower again last night challenging technical support at $11.40. Once again funds were noted sellers.
- The USDA put the October crush for the US at 197 million bushels.
- Malaysian palm oil was down 31 ringgits trading at 3,316 ringgits.
- China’s Dalian soybean futures last traded up 14 cents last night settling at 5,660 yuan per ton.
- There were no deliveries in soybean meal, there were 100 contracts delivered in soybean oil. The next available date is 12/1/20.
Outlook: Soybeans are expected to continue to go lower today.
- Wheat is trading mostly lower this morning on follow through selling.
- Egypt bought 170 tmt of wheat yesterday, 11 tmt of Russian and 60 tmt of Ukrainian.
- South Korea bought 31.6 tmt of US/Canadian milling wheat.
- Japan is tendering for 127 tmt of wheat from the US, Canada, and Australia.
- There were five deliveries of wheat, the next available date is November 19th.
Outlook: Wheat steady to 2 cents lower.