Happy Thanksgiving from all of us at Total Farm Marketing! Thursday, November 23, 2023: The CME and Total Farm Marketing offices are closed. Friday, November 24, 2023: The CME closes at noon, and Total Farm Marketing closes at 1:00.
All prices as of 10:30 am Central Time
Corn
DEC ’23
467
-1.75
MAR ’24
485.75
-2
DEC ’24
512
-1.75
Soybeans
JAN ’24
1335.75
-20.75
MAR ’24
1353.5
-20.75
NOV ’24
1283.25
-18
Chicago Wheat
DEC ’23
550.75
-5
MAR ’24
579.25
-5.25
JUL ’24
607
-5.25
K.C. Wheat
DEC ’23
606
-8.5
MAR ’24
614.5
-9.75
JUL ’24
628.75
-9.25
Mpls Wheat
DEC ’23
706.5
-4.25
MAR ’24
722.75
-5.25
SEP ’24
742
-9.25
S&P 500
DEC ’23
4566.75
-0.5
Crude Oil
JAN ’24
76.84
-0.26
Gold
JAN ’24
2009.4
6
The USDA reported an increase of 56.4 mb of corn export sales for 23/24.
US weather looks mostly dry with cool temperatures. Furthermore, the Midwest looks to remain dry, but the southern part of the country may get some showers. This aligns with a typical El Nino weather pattern.
It is still raining too much in southern Brazil, but weather looks favorable in Argentina. Central and northern Brazil look like they are getting a break from the rainfall, but longer range forecasts do bring the rain back.
The Buenos Aires Grain Exchange has said that Argentina’s corn planting is 26% complete.
There is talk that China may have some interest in US soybeans from the PNW for the January /
The USDA reported an increase of 35.3 mb of soybean export sales for 23/24, and an increase of 0.3 mb for 24/25.
Private exporters reported sales of 129,000 mt of soybeans for delivery to China, and 323,400 mt for delivery to unknown, both during the 23/24 marketing year.
Argentina’s crush is said to be down to about 25% of capacity because of a lack of soybeans. Additionally, farmers are said to not be selling. This is, in part, due to a possible devaluation of their currency, and the possibility that their new president may reduce export taxes.
The Buenos Aires Grain Exchange has stated that Argentina’s soybean planting is 35% complete.
The USDA reported an increase of 6.3 mb of wheat export sales for 23/24, and an increase of 0.9 mb for 24/25.
Russia has reportedly set a 24 mmt grain export quota for wheat, barley, corn, and rye, February 15th through the end of June. Additionally, they have issued a ban on Durum wheat exports from December 1st to May 31st.
For 2023, China has imported a record 10.8 mmt of wheat. That represents a 38% increase versus last year.
Argentina’s wheat harvest is now said to be 27% complete, and the Buenos Aires Grain Exchange is projecting a 14.7 mmt crop.
Grain Market Insider is provided by Stewart-Peterson Inc., a publishing company.
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