Friday November 11, 2022 By: Eric Peterson
Corn is starting the day slightly higher with the December contract trading eight cent range overnight. The market found some buying support overnight as fresh news remains light. Corn commitments as a percentage of the USDA’s target for the year sit at 26.9%, the lowest going to back to 1990. Look for higher trade today on a strong crude oil market.
Soybeans are double digits higher this morning, erasing the losses from Thursday. Export sales came in at 29.2 million bushels, well above the 20.2 million needed per week to hit the USDA target. Total commitments are close to being in line with last year. The soybean market is expected to remain strong as South American weather remains dry.
Spring wheat closed five cents higher this morning with the December contract trading a relatively narrow eight cent range. U.N. and Russian officials are expected to meet today to discuss the export deal extension. The market will likely chase the headlines. U.S wheat remains a premium to the rest of the world market but we did exceed the sales amount needed per week to hit the USDA target.
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