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          Prairie View MFA Agri Services  
Market Comments  11/29/16 8:35:09 AM

Good morning. Corn and soybeans are lower this morning as the bean rally has at least temporarily taken a breather following seven straight higher sessions that pushed SF 70 cents higher. A set-back seems overdue. The Dollar is firmer and crude oil is sharply lower. Malaysian palm oil was lower today. Chinese corn and soybean futures were higher today while soyoil was lower. The USDA will release its 10 year baseline projections this morning about 10 AM. The key component of the report for traders will likely be next year’s acreage estimates. Beneficial rainfall fell across much of the south yesterday, helping to partially alleviate droughty conditions which began last spring. More rain is expected across the southern U.S. the next week.  South American weather is still non-threatening to crop development. Current production estimates are in the 101 – 102 MMT range for Brazilian soybeans and near 85 MMT for Brazilian corn. Argentine bean production estimates are 55 – 58 MMT’s and corn 33 – 37 MMT’s. A lower today seems to be likely following the recent soybean rally. 
 

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