WASHINGTON - Lower prices created resurgent demand for U.S. corn at home and abroad, including in the ethanol market, the U.S. government forecast on Tuesday, resulting in smaller, but still ample, stocks at the end of this marketing year.
WASHINGTON - The lead agricultural negotiators in the U.S. Congress said on Tuesday that a new bill would not be completed before January as Democrats and Republicans struggle to reach a compromise on sticking points such as funding for food stamps.
If you have a contract for your mustard, count yourself lucky, at least if you’re in any hurry to deliver. Mustard is beset by the same transportation problems that every other crop has in this year of record supplies — lack of transport.
Wheat traded on the defense last week, losing ground in almost every session. Selling pressure was caused by poor exports and a bearish Statistics Canada report (which reported record Canadian production). For the week ending Dec. 5, March Minneapolis dropped 23.25 cents, March Chicago dropped 16.75 cents, and March Kansas City dropped 25.5 cents.
Corn prices managed a small rally following the U.S. Department of Agriculture’s Nov. 8 Crop Production report that contained a corn production forecast that was not quite as large as feared. Since then, however, new lows have been established and prices are currently only about 10 cents above the pre-report level.
Wheat started the short Thanksgiving week with small gains, but gave back all of those gains and then some on Nov. 26. By Nov. 27, wheat was able to recover and trade with gains in winter wheat exchanges, but Minneapolis remained under pressure from first notice day. For the week ending Nov. 27, December Minneapolis dropped 9 cents, December Chicago gained 1.75 cents and December Kansas City picked up 11.25 cents.
In contrast to the North American harvest, with its fabulous yields and quality, the southern hemisphere wheat harvest, under way now, isn’t so good. Earlier Australian frost is showing up in quality damage.
Wheat contracts fell throughout last week to end with small losses. For the week ending Nov. 14, December Minneapolis fell 8 cents, December Chicago was down 5 cents, and December Kansas City fell 5.5 cents.
Two weeks ago, we thought soybeans were in a bear market. Chicago Board of Trade futures had fallen from $14 in mid-September to $12.55 in early November, but the recent U.S. Department of Agriculture report showed current stocks are not, in fact, all that onerous.
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