Markets are unchanged in corn and up 8 in soybeans to start the day.
Rumors abound for Chinese demand for corn, beans and HRW or white wheat. China is also looking to buy new crop soybeans with the dollar discount to current prices. Unfortunately there has been a lot of rumors of cancelations of late that have the markets hesitant to add premium.
On Wednesday, funds were net buyers of 10,000 contracts of SRW Wheat; 12,000 Corn; and sellers of 8,000 Soybeans. Funds are net long 1,000 contracts of SRW Wheat; long 258,000 Corn; net long 172,000 Soybeans.
USDA export sales were 446,400 mt of wheat, 1,371,400 mt of corn, with China taking 154,000 mt, and 406,900 mt of beans. Exports were on the low end for beans and on the high end for corn. The corn sales continue to surprise, especially when you consider this was during Thanksgiving week.
Showers will fall across most of Brazil over the next ten days. It starts in the south and works its way north over the weekend. There will be chances of rain in North and Central Brazil every few days. Argentina is going to dry out over the next 10 days. La Nina looks to be a continuing trend for both Southern Brazil and Argentina.
Have a Safe Day!