As of this writing there is no definite word as to when the USDA will release its December 1 stocks-in-all-positions report as well as winter wheat seeding estimates. The next Supply/Demand report will be February 8! Hopefully, they’ll break the suspense and announce when they will release the stocks, seeding and final production figures!
The US will be dealing with extreme weather the rest of this week and all the traffic problems Mother Nature throws out way. Typically, rail, river and road traffic slows a bit given ice problems, switch freezes and such. It should not help out near term shipping and might put a little more pressure on the spreads. And that will be the focus of the market in the next few weeks as we approach first notice day on the March contracts and the trade banter and basis levels suggest that deliveries could be healthy on corn and beans while wheat, who knows? Basis levels suggest few if any wheat deliveries and the running moving averages in Chicago and Kansas City suggests that storage rates will decrease. Flat price in all grains appear to be close to equilibrium and we’re awaiting fresh news on Chinese trade deals and hedge pressure from South American harvest. It feels as though the trade is on holiday awaiting concrete news!
The information contained on this site is the opinion of the writer and obtained from sources cited within the commentary. The impact on market prices due to seasonal or market cycles and current news events may already be reflected in current market prices.
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