PDF Attached

 

Morning. 

 

USDA
– 182,020 corn was sold to Mexico. US economic data is supporting equity markets.  The vegetable oil market is in focus after Malaysian palm futures hit an 8-year high. Soybeans, meal, corn and wheat were all lower early this morning.  WTI was higher and USD
slightly lower.   Malaysian palm oil traded sharply higher by 105 points to 3,437 MYR, and cash was up $24.50/ton to $870.00/ton.  Offshore values this morning were leading CBOT soybean oil 18 lower (94 higher for the week to date) and meal $2.10 lower (2.00
lower for the week).   We heard China bought at least 3 Brazilian soybean cargoes for FH Feb and (2) July.  One March shipment was resold to a private crusher.  South Korea bought soybean meal and corn overnight. Turkey started buying wheat. 

 

 

 

 

 

 

 

 

Weather

SA Week 1 Accum Precipitation (mm) Forecast

 

Source:
World Weather Inc. and FI

 

Bloomberg
Ag Calendar

Friday,
Dec. 4:

  • ICE
    Futures Europe weekly commitments of traders report, 1:30pm (6:30pm London)
  • CFTC
    commitments of traders weekly report on positions for various U.S. futures and options, 3:30pm
  • China’s
    CNGOIC to publish monthly soy and corn reports
  • FranceAgriMer
    weekly update on crop conditions

Monday,
Dec. 7:

  • China
    trade data on soybean and meat imports for November
  • Ivory
    Coast cocoa arrivals
  • USDA
    weekly corn, soybean, wheat export inspections, 11am
  • HOLIDAY:
    Thailand

Tuesday,
Dec. 8:

  • Australia’s
    Abares releases quarterly agricultural commodities report
  • French
    agriculture ministry to publish crop estimates
  • UkrAgroConsult
    Black Sea Grain conference
  • BRF
    Day
  • Brazil
    Unica cane crush, sugar production (tentative)
  • National
    Grain & Feed Association Country Elevator Conference, 10am

Wednesday,
Dec. 9:

  • EIA
    U.S. weekly ethanol inventories, production, 10:30am
  • National
    Grain & Feed Association Country Elevator Conference, 10am

Thursday,
Dec. 10:

  • China’s
    agriculture ministry (CASDE) releases monthly report on supply, demand, 10am local
  • Malaysian
    Palm Oil Board releases data on November stockpiles, exports, production, 12:30pm local
  • FranceAgriMer
    monthly crop report
  • Agroinvestor
    Russian agriculture conference
  • Port
    of Rouen data on French grain exports
  • Conab’s
    data on area, output and yield of soybeans and corn in Brazil, 7am
  • National
    Grain & Feed Association Country Elevator Conference, 10am
  • USDA
    weekly crop net-export sales for corn, soybeans, wheat, cotton, pork, beef, 8:30am
  • USDA’s
    monthly World Agricultural Supply and Demand (WASDE) report, 12pm
  • HOLIDAY:
    Thailand

Friday,
Dec. 11:

  • ICE
    Futures Europe weekly commitments of traders report
  • HOLIDAY:
    Thailand

Source:
Bloomberg and FI

 

 

 

 

 

 

 

 

Macros

US
Non-Farm Payrolls (Nov): 245K (est 469K, prevR 610K)

·        
Unemployment Rate (Nov): 6.7% (est 6.8%, prev 6.9%)

·        
Average Earnings (Nov) Y/Y: 4.4% (est 4.3%, prev 4.5%)

US
Private Payrolls (Nov): 344K (est 589K, prevR 877K)

·        
US Manufacturing Payrolls (Nov): 27K (est 43K, prevR 33K)

·        
US Average Earnings (M/M) Nov: 0.3% (est 0.1%, prev 0.1%)

·        
US Average Workweek Hours (Nov): 34.8 (est 34.8, prev 34.8)

US
Trade Balance (Oct): $-63.1Bln (est -$64.8Bln, prevR -$62.1Bln)

Canada
Net Change In Employment (Nov): 62.1K (est 20K, prev 83.6K)

·        
Unemployment Rate (Nov): 8.5% (est 9%, prev 8.9%)

·        
Full Time Employment Change (Nov):  99.4 (prev 69.1)

·        
Part Time Employment Change (Nov): -37.4 (prev 14.5)

 

 

Corn.

 

Corn
Export Developments

  • Under
    the 24-hour announcement system, private exporters sold 182,020 tons of corn to Mexico for 2020-21 delivery. 
  • South
    Korea’s MFG bought 68,000 tons of optional origin corn at $240.19/ton c&f for arrival around May 15.  This is on top of the 68,000 tons they bought on Thursday at $239.90. 
  • Algeria
    bought 35,000 tons of corn at around $235/ton c&f for shipment by January 5. 

 

Soybean
complex
.
 

 

 

Oilseeds
Export Developments

 

Wheat

  • US
    wheat futures are lower on favorable French crop conditions and slowdown in global export developments.   
  • French
    soft wheat conditions were unchanged from the previous week at 96 for the combined good and excellent categories and compares to 73 year ago.  Durum was rated at 98%. 
  • French
    soft wheat exports outside the EU hit a monthly (crop-year to date) season high in November of 877,000 tons, above 703,000 tons in October. 
  • EU
    wheat hit a 5-week low.  March milling wheat was down 0.50 at 202.75 euros.
  • Argentina
    BAGE: 40 percent of the wheat crop had been collected. 

 

Export
Developments.

 

Rice/Other

·        
South Korea seeks 45,458 tons of US rice on Dec 7 for arrival around April 30 and May 31. 

 

 

Terry Reilly

Senior Commodity Analyst – Grain and Oilseeds

Futures International
One Lincoln Center
18 W 140 Butterfield Rd.

Oakbrook Terrace, Il. 60181

W: 312.604.1366

treilly@futures-int.com

ICE IM: 
treilly1

Skype: fi.treilly

 

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