Corn Morning Update & Commentary: Overnight, corn was mixed-to-easier, finishing 2-3 cents lower by the morning pause. It\'s a quiet start to the day, with arguably the greatest influence being weakness in soy/soy oil. The Dollar is trying to be a little easier to start as it bumps into stiff price/chart resistance, but energy is firm on geopolitics. The start to this week is going to be a wet one for the U.S.....
<div class=\"default-font-wrapper\" style=\"line-height: 1;font-size: 12pt; font-family: Verdana, Geneva, sans-serif;\"><div style=\"line-height: 1;\"><span style=\"font-size: 12pt; font-family: Verdana, Geneva, sans-serif;\">Corn Morning Update & Commentary:<br id=\"isPasted\">Overnight, corn was mixed-to-easier, finishing 2-3 cents lower by the morning pause. It’s a quiet start to the day, with arguably the greatest influence being weakness in soy/soy oil. The Dollar is trying to be a little easier to start as it bumps into stiff price/chart resistance, but energy is firm on geopolitics. The start to this week is going to be a wet one for the U.S., which will rain out any remaining unharvested fields for a moment. There should not be a lot left at this point, and is far enough along that the USDA is not expected to issue any update on it tonight? That leaves South American weather as the main weather talking point, and it is currently not much of one with plantings accelerating and the forward outlook more favorable than not. 8 AM flashes were silent today, and there were no noteworthy export developments over the weekend. Bottom-line, we will see if traders remain motivated to defend the first layer of corn support that held the market together on Friday. The market is currently neither overbought or oversold, so corn can respond to emerging fundamental inputs without much effort?<br> <br>Corn futures finally found their sea legs Friday, overcoming a shaky start to finish the day 3-5 cents better. Despite the Friday bounce, corn futures still closed seven cents lower for the week and ten cents below recent highs. Cash trade was steady. CFTC Commitment of Traders report that afternoon continued to feature fireworks for corn. For the week ended 11/12, Managed Money traders were net buyers of 87,947 corn contracts, which was a much larger purchase than we expected. Supplemental data suggests funds classified as ‘index’ funds contributed about one-third of that buying. Far and away the largest seller was the commercial, as they continue to grapple with harvest. When including recent activity, we think Managed Money is net long roughly 105,000 delta-adjusted corn contracts. The weekly export sales report found total sales of 1,315,100 metric tons, down around 50% from the elevated past few weeks. “Unknown” buyers were responsible for nearly one-half of the sales. South Korea made the rolls with 128,000 mt (two cargos) of biz, suggesting U.S. origin corn won a few of their recent tenders? Combined sold/shipped for the marketing year is 29.9 million metric tons, which is running comfortably ahead of last year’s 21 mmt.<br> <br> <br>QT News - Top News<br> <br>-- Trade sources on Monday reported at least 120,000 mt of feed Barley is sought by Iran's state run animal feed importer. Offers are due Tuesday, Nov 19th. Origins accepted include the Black Sea region, the EU, Kazakhstan, Russia, and the Ukraine. Shipment is expected from December 2024 through January 2025.<br> <br>-- South Korean state run fishery on Monday announced November 22nd as the offer deadline in a tender seeking 40,000 mt of US Rice. The rice is for shipment for delivery between Apr 1, 2025 to Nov 30th, 2025.<br> <br>-- On Monday, Chinese customs data released placed October 2024 Corn imports at 250,000 mt, that was off -87% from the year ago month, imports year to date total 13.03 mln mt, off 30% from the year ago period.<br> <br>-- On Monday, Chinese customs data released placed October 2024 Barley imports at 940,000 mt, that was off -23% from the year ago month, imports year to date total 12.75 mln mt, up 51% from the year ago period.<br> <br>-- On Monday, Chinese customs data released placed October 2024 Sorghum imports at 780,000 mt, that was up 16% from the year ago month, imports year to date total 7.56 mln mt, up 75% from the year ago period.<br> <br>-- On Monday, Chinese customs data released placed October 2024 Pork imports at 90,000 mt, that was off -1.6% from the year ago month, imports year to date total 890, 000 mt, off 35% from the year ago period.<br> <br>-- On Monday, the Dutch government confirmed its first bird flu outbreak in nearly a year, adding that 23,000 birds were culled on a farm in central Netherlands.<br> <br>-- A commercial farm in southwestern Britain was confirmed with a strain of highly pathogenic bird flu this weekend, as a result the birds will be culled, and a quarantine area will be placed around the farm for monitoring.<br> <br>-- Oregon state health department on Friday afternoon said they have the first confirmed human case of highly pathogenic bird flu. The department said there are no signs of human to human transmission, and the risk to the public is low<br> <br>-- The Russian Ag Ministry on Friday updated their grain export tax for Corn to 3,065.50 roubles/mt for the period ending Nov 26, the previous period's export tax was 3,288.40 roubles/mt<br> <br>-- The Russian Ag Ministry on Friday updated their grain export tax for Barley to 1,233.20 roubles/mt for the period ending Nov 26, the previous period's export tax was 1,367.40 roubles/mt<br> <br>-- Top White House officials say President Biden is seeking to finalize rules on sustainable aviation fuel and other cleaner fuel tax credits set to begin in 2025.<br> <br> <br> <br>Pending Tenders<br> <br>-- Pending Tender: Algeria's state grain buyer set Friday, November 15th as the offer deadline in a snap tender seeking up to 240,000 mt of Argentina or Brazil origin feed Corn. The grain is for shipment in the first half of December. They reportedly passed on all offers in their Wednesday, Nov 13th tender, making no purchase.<br> <br>-- Pending Tender: Jordan's state grain buyer on Thursday (11/14) announced they're seeking 120,000 mt of feed grade Barley in a tender to close on November 20th. The grain is for shipment between Jan 1 through Feb 28th, depending on origin.<br> <br> <br> <br>-- Euronext Paris March corn futures on Monday are trading +1.75 euros higher at 212.00 euros/mt<br> <br>-- Dalian January corn futures on Monday traded +14 yuan higher ending at 2,201 yuan/mt</span></div></div>