Written Commentary
MORNING COMMENTS
Macroeconomics:
Equity markets are still on a tear, reaching historic highs this week. There are some economic data reports out today that may trigger increased volatility going into a holiday. Jobless claims are the lowest since April 2024 at 213K last week. A closer look shows continued jobless claims rose to 1.0907 million which is the highest in 3 years. Besides the Fed minutes, the Core PCE Price Index report will also be important going into a holiday spending season- expected at 0.3%.
Ag Fundamentals:
The EIA ethanol numbers will come out later this morning. Export Sales will be pushed until Friday due to the holiday. Friday is first notice day for December futures. Between rolling futures forward and there being decent corn demand to both the export market and ethanol usage, the Dec/March corn spread has firmed to only an -8¢ carry this week. March corn found support at the 100-day moving average yesterday. China bought another small tender of soybeans from the US 132K MT this morning. That is the first reported flash sale to China since Wednesday/Thursday last week when we sold them 400K MT. Because tomorrow is thanksgiving, I’m not expecting a lot of market movement today through the rest of the week. The dollar is down today, -2 points from last week’s high. The dollar strength will play a large roll on commodity prices as global trade policies develop.
Minimum Temperatures on Sunday this weekend are going to be chillyyyyy.
Export & World News
China bought 132K Mt of soybeans this morning from the US. Yesterday, Algeria is thought to have bought up to 240K Mt of animal feed corn from Argentina or Brazil. Tunisia issued a tender to purchase about 100K MT of soft milling wheat and 100K Mt of durum wheat.
Malaysian palm oil futures were up 63 ringgit overnight, at 4798.
Daily Trading Limits: Corn $0.30 (expanded $0.45); Soybeans $0.85 (expanded $1.30); Minneapolis Wheat $0.60 (expanded $0.90); KC Wheat $0.40 (expanded $0.60); Chicago Wheat $0.40 (expanded $0.60)
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