Corn Morning Update & Commentary: Overnight, corn futures trended somewhat easier, finishing two cents lower by the morning pause. The trend of little news outside of geopolitics is unchanged, which may be contributing to a \'lack of bull fodder\' feel.....
<div class=\"default-font-wrapper\" style=\"line-height: 1;font-size: 12pt; font-family: Verdana, Geneva, sans-serif;\">Corn Morning Update & Commentary:<br id=\"isPasted\">Overnight, corn futures trended somewhat easier, finishing two cents lower by the morning pause. The trend of little news outside of geopolitics is unchanged, which may be contributing to a ‘lack of bull fodder’ feel. The report-du-jour is the weekly EIA, so at least we have that to chew on. We expect ethanol production to hold near steady at the prior week’s record-high levels. Demand is likely to improve wk/wk, but that should not prevent an ethanol stocks build of about +1% (perhaps more if in-transit stocks land). Overall the ethanol crush has improved significantly over the last two weeks, swinging from small losses to 5-10 c/gal profits today (net of all costs). 8 AM sales slots continue to favor soybeans; there have not been any corn flashes in exactly one week.<br> <br>Tuesday was a mixed one for corn. Futures were firm for most of the early going but turned decisively lower around the noon hour. The market would settle 1-2 cents lower. Funds may have slipped out of a few longs, but overall are thought to remain net long roughly 100,000 delta-adjusted corn. Cash trade was steady at the Gulf but more firm than not on the interior. Weather also remains mostly a non-event, though we are entering the time of year where South America moves higher on the priority watch list. Overall, crop prospects in both Brazil and Argentina are viewed steady or improving with high potential. U.S. corn harvest is believed nearly complete, though the last few bushels will have a more difficult time with weather turning cooler and wetter. There are some end-user market reports coming out this week; milk production this afternoon and Cattle on Feed Friday.<br> <br> <br>QT News - Top News<br> <br>-- On Wednesday, trade sources indicated Algeria's state grain buyer purchased and undetermined volume of Argentina or Brazil feed grade Corn. They had been seeking up to 240,000 mt. The initial indication is around 40,000 mt have been purchases, but additional volumes might be reported later.<br> <br>-- Trade sources now indicate Jordan's state grain buyer passed on all offers at their 120,000 mt Barley tender today.<br> <br>-- Argentina's chief of staff said the government will offer 30 year concession in a bid to privatize its stretch of the Paraguay-Parana waterway. They will seek offers via a national and international tender. They hope to significantly upgrade its top trade route with new new ship satellite and radar systems.<br> <br>-- Grain industry sources Tuesday noted Dr Cordonnier left his Brazilian corn crop forecast steady at 125 mln with a neutral bias. However, for Argentina, the analyst kept his crop forecast at 48 mln mt of corn with a neutral bias.<br><strong>[Table] Cattle On Feed Industry Estimates for November 22, 2024 report</strong><br>(expected release at 2 pm CT)<br> <br><table border=\"0\" cellpadding=\"0\" cellspacing=\"0\"><tbody><tr><td valign=\"top\"><br></td><td valign=\"top\"><u>Average Estimate</u></td><td valign=\"top\"><u>Previous Report</u></td></tr><tr><td valign=\"top\"><strong>On Feed November 1</strong></td><td valign=\"top\">100%</td><td valign=\"top\">100%</td></tr><tr><td valign=\"top\"><strong>Placements during Oct</strong></td><td valign=\"top\">104%</td><td valign=\"top\">98%</td></tr><tr><td valign=\"top\"><strong>Marketings in Oct</strong></td><td valign=\"top\">105%</td><td valign=\"top\">102%</td></tr></tbody></table> <br>Pending Tenders<br> <br>-- Pending Tender: Trade sources on Monday (11/18) 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>-- Pending Tender: South Korean state run fishery on Monday (11/18) 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> <br> <br>-- Euronext Paris March corn futures on Wednesday are trading -1.75 euros lower at 209.50 euros/mt<br> <br>-- Dalian January corn futures on Wednesday traded -7 yuan lower ending at 2,199 yuan/mt</div>