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Soybeans, corn up after USDA adjustments
Soybeans were higher on fund and technical buying, adding a few cents to what would have already been a higher weekly finish. The USDA lowered production, yield, and ending stocks from October, but all are should still be up on the year. South American production was unchanged with Brazil’s soybean exports slightly higher. With the U.S. harvest essentially over, the trade is watching planting and development weather in South America. CONAB’s updated outlook for Brazil is out Thursday, November 14th. The Buenos Aires Grain Exchange says 8% of Argentina soybean crop has been planted. ANEC estimates Brazil’s November soybean exports at 2.45 million tons, compared to 4.6 million a year ago. Friday morning, unknown destinations bought 132,000 tons of U.S. soybeans and China picked up 107,000 tons, with both for 2024/25 delivery. Soybean meal was lower and bean oil was higher on the adjustment of product spreads.
Corn was higher on fund and technical buying, compounding the week-to-week gain. Corn production was down modestly on the month and year due to lower yield, which led to a cut in ending stocks. The U.S. harvest should be nearly wrapped up in the USDA’s weekly numbers, which are out Tuesday, delayed by Veterans Day on Monday. In South America, near-term rain prospects are generally spotty in Argentina, solid in Brazil. The Buenos Aires Grain Exchange says 37% of Argentina’s corn crop is planted. No changes for South American corn production in November, but Brazil’s exports were reduced slightly. ANEC sees Brazil’s November corn exports at 4.77 million tons, compared to 7 million last year. Ahead of Friday’s open, unknown destinations purchased 200,480 tons of 2024/25 U.S. corn.
The wheat complex was mixed, also ending the week mixed. U.S. wheat ending stocks were above a month ago on higher imports, with minimal changes to global stocks and production. Production cuts for Argentina, the European Union, and Russia were more than canceled out by gains for a handful of other nations. The trade continues to monitor U.S. winter wheat planting and development weather, which looks mixed, along with sowing and conditions in Europe, Russia, and Ukraine, and harvest activity in Argentina and Australia. France’s AgriMer says 62% of that nation’s soft wheat crop is planted, compared to the five-year average of 77%. The Buenos Aires Grain Exchange says 12% of Argentina’s wheat crop is harvested. The USDA’s next round of supply, demand, and production numbers is out December 10th.
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