FI Morning Grain Comments 11/25/22

PDF attached

Good
morning.

Calls
post USDA export sales report:

Soybeans
2-5 cents higher

Meal
$1.50-$3.00 higher

Oil
Steady to 30 points higher

Corn
1-3 cents higher

Wheat
4-7 cents higher

The
CBOT closes early today. A higher trade in WTI crude oil may support the agriculture market open this morning. The USD was higher earlier and US equities mixed. Malaysia palm oil rallied overnight and China futures over a 2-day period for the soybean complex
were up between 1.2 and 2.1%. Weather outlooks calling for net drying for northern Argentina and part of the US Great Plains are still bullish. Argentina soybean and corn plantings are running well below this time last year. Global wheat exports remain strong
with Algeria, Iraq and Egypt picking up wheat. Ukraine has not seen a large pickup in grain exports since the grain deal was renewed. Paris December and March wheat rallied this morning after trading lower Thursday. CBOT December options expire today. USDA
export sales were good for meal and all-wheat, low end for corn and soybeans. SBO sales were poor. Some bearish points to note. Brazil corn shipments are expected to close out 2022 at a strong pace with China interest. Rain improves for Brazil over the next
week. Brazil 2023 soybean exports are projected at a record 90MMT. China’s crush is running below month ago levels and well below year ago. India wheat and oilseed planting progress is ahead of this time last year. Avian bird flu so far this year wiped out
a record amount of US birds. Paris rapeseed futures hit a 2-month low on Thursday before recovering a touch. Argentina could announce its “soybean dollar” plan on Monday.

Week
to date price changes