Tuesday November 12, 2024

• Markets are sitting in the red this morning
  • Wheat struggles with improved US soil moisture and more to come in the forecast.  Argentine and Australian wheat FOB offers are becoming more aggressive as their new crop harvest gains speed.
  • Soybeans sharply lower after reversing course late in the session yesterday.  South American weather forecasts are nearly ideal and planting progress advancing well.
  • The US dollar is continuing to firm, posting fresh 6 month highs.
• Private exporters reported sales of 110,500MT of Corn for delivery to Mexico during the 24/25 marketing year.
• US dollar surging from expectations that Trump’s trade policies would strengthen the dollar and surpass foreign currencies.  From the close on election day to this morning’s high, the dollar has rallied 2.4%.  The firm USD is adding support to our basis.
• China announced further details on their stimulus program Friday.  This stimulus is designed to ease the debt of local governments who would otherwise fund the stimulus program.  Without a direct stimulus program, the response was quiet.  Further stimulus packages are anticipated.  The Chinese stock market fell on Friday with concerns of higher tariffs.  The yuan also weakened.