Equity markets were mixed with the Dow lower and the other indices modestly higher. Second quarter GDP growth was revised up from 2.1% to 2.2%, below expectations.
- Initial jobless claims totaled 199,000 for last week, the lowest it has been since November 1969.
- US$ trading up 0.351 at 96.840, the gold market is up 1.5 bucks at 1785/ounce and crude oil is down 22 cents/barrel at $78.28.
- DJIA trading down 48 at 35764, S&P up 4 at 4695, and the NASDAQ up 33 at 15808.
- The grain markets are closed tomorrow for Thanksgiving and tomorrow night. There will be a hard open on Friday at 8:30am CT with an early close at 12:05pm CT.
- December options expire the day after Thanksgiving on November 26th.
The corn market finished lower but had a back-and-forth day. The sold off in the morning after the wheat markets turned lower. Volume was large in front of Thanksgiving tomorrow and Friday’s shortened session.
- Closes: December down ¾ of a cent at $5.79 ¾, March down 2 ¾ cents at $5.85 ½, July down 3 cents at $5.90 ½, Red Dec down 1 ¼ cents at $5.58 ¼.
- Ethanol production last week was 1.079 million barrels/day, up from 1.060 million barrels/day last week. Stocks rose to 847 million barrels from 843 million gallons the week prior.
- CIF premiums were a penny higher for December and March.
- There was a USDA export sale announcement to Mexico for 100 tmt.
- Export sales out this Friday morning are expected to be 750-1.400 tmt for 2021/22 and 50-150 tmt for 2022/23.
- Spreads: Z/H at 5 ¾ carry, Z/N at 10 ½ carry, H/K at 4 ¼ carry and N/Z at 32 ½ inverse.
Soybeans were lower feeling the pressure from soybean meal continue to weaken. Soybean oil continued to stay firm with it trading higher every day this week.
- Closes: January down 6 ½ cents at $12.66 ½, March down 7 ¼ cents at $12.77 ¼, July down 7 cents at $12.92 ¼, November down 3 ¾ cents at $12.49 ¾.
- There was a USDA export sale announcement of 330,000 metric tonnes of soybeans to unknown destinations. Also, there was 30,000 metric tons of soybean oil announced to India.
- CIF premiums were strong with the first half December up 6 cents, last half December up 5 cents and first half January up 2 cents.
- Soybean export sales are expected to be 900-1.800 tmt this Friday morning. Soybean meal exports are expected to be 100-350 tmt and soyoil exports to be 5-50 tmt.
- Spreads: F/H at 10 ½ carry, F/N at 25 ¾ carry, H/K at 9 ½ carry, N/X at 42 ¾ inverse.
The wheat market had a very volatile day with managed money appearing to control today’s price action with the Chicago market down 19 ¼ cents on the December’21 contract. The Kansas City market finished around 5 cents lower, and the Minneapolis market had a quiet finish down a penny. Both Chicago and Kansas City wheat made new contract highs.
- December closes: Mpls down 1 ½ cents at $10.36 ¾, KC down 5 ½ cents at $8.73 ¼, Chicago down 19 ¼ cents at $8.36 ¾. The September Mpls contract made another new life of contract high to $9.49 ¼ today and settled at $9.44 ¼.
- Paris wheat values were mixed with the nearby December down 5.25 euor/tonne but not before it made a new all-time high.
- Export sales out this Friday are expected to show sales between 250-550 tmt.
- Spreads: Mpls H/Z 7 ¾ carry, Kansas City Z/H at 3 ¼ carry, Chicago Z/H 13 ½ carry.