FI Morning Grain Comments 12/23/22

Dec 23, 2022







PDF attached

 

Good
morning
and happy holidays! 

 

Main
CBOT agriculture markets open Tuesday morning after Christmas. Other selected

markets
do open Monday night. https://www.cmegroup.com/tools-information/holidaycalendar.html

 

Private
exporters reported the following sales activity:

-124,000
metric tons of soybeans for delivery to unknown destinations during the 2022/2023 marketing year

-150,000
metric tons of corn for delivery to Mexico during the 2022/2023 marketing year

 

USD
was near unchanged as of 8:55 am CT, WTI crude up about $2.22, and US equities lower.
The
US released a good amount of economic data (below under macro section). Higher trade in soybeans, corn and wheat, are all supported by frigid temperatures rolling across the US and heavy snow for some areas, forcing cutbacks on biofuel & meat production. It’s
also slowing US domestic transportation. Livestock stress will occur through late next week. The BA Grain Exchange said Argentina will see its first major rain event over the next three days after seeing some rain over the past two. This might be limiting
gains in soybeans and soybean meal futures. Later USDA will release its hogs and pigs report and cattle on feed.

 

 

Weather

US
mainland snow coverage across expanded from 44.3% to 53.7% over the last 24 hours. Snowfall will be critical to improve coverage for the northeast areas today through Saturday and northwest areas Sunday.

 

 

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