Corn Morning Update & Commentary: European gains and easier dollar offer an early lift
<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><br id=\"isPasted\">Overnight, corn futures traded mostly better, finishing around two cents higher by the morning pause. Overall, it is another light news day, but the macro backdrop is slightly more favorable (dollar easier, crude up). European markets also posted gains, which is offering an assist to their ‘cousins across the pond’. South American weather also remains in a favorable holding pattern; most of Brazil and Argentina are expected to receive beneficial rains over the next couple of weeks at a minimum. There were no 8 AM sales flashes. <br> <br>Monday was another two-sided day of trade. Futures were weak overnight, reversed the early down but struggled to maintain any upside zip. The corn market finished the day fractionally higher or lower. Cash trade was steady/firm on the interior but mixed at the Gulf. CFTC Commitment of Traders data found for the week ended 11/26 (Tues), Managed Money players were net sellers of 17,186 corn contracts. Commercial and small (non-reportable) traders were the offsetting purchasers. Supplemental data suggests the selling was one-third long liquidation and two-thirds new short positions. When including recent activity, we think funds are net long slightly more than 100,000 delta-adjusted corn contracts. The weekly grain inspections report found for the week ended 11/28, U.S. exporters shipped 935,859 metric tons of corn, which was down slightly from the prior week’s 1.009 million metric tons (mmt), and even lagged the year ago week’s 1.176 mmt. It was notable that destinations were more varied; Japan, South Korea, and Latin America, were all in for small lots. YTD corn inspections move to 11.07 mmt, which is still running comfortably ahead of the prior year’s 8.468 mmt pace. <br> <br> <br>QT News - Top News<br> <br>-- Cargill on Tuesday announced it will shed 5% of their staff, around 8,000 jobs, with most of the cuts coming this year. Sources said less than a third of the company's operating units met their earnings goal in the latest fiscal year.<br> <br>-- On Tuesday, the Aussie government said China has lifted restrictions on the remaining two Australian meat processing facilities. China has lifted restrictions on all 10 slaughterhouses it banned from 2020 to 2022.<br> <br>-- CME Group reported its November 2024 market statistics reached the highest November average daily volume (ADV) of a record 30.2 million contracts, up 7% from November 2023. November saw a record Agricultural average daily volume (ADV) of 1.9 million contracts; options ADV of 349,000 contracts. Corn futures ADV increased 19% to 502,000 contracts, and record monthly Soybean Oil futures ADV of 234,000 contracts.<br> <br>-- Monday's USDA Grain Crushing & Co-Products: October 2024 Corn for Fuel Alcohol: 460.493 mln bushels<br> <br>-- Monday's USDA Grain Crushing & Co-Products: October 2024 dry mill DDGS: 1.869 mln tons<br> <br> <br> <br>Pending Tenders<br> <br>-- Jordan's state grain buyer set December 4th as the offer deadline in a tender seeking to purchase up to 120,000 mt of feed grade Barley. Shipment is expected between Jan 1 through Feb 28.<br> <br> <br> <br>-- Euronext Paris March corn futures on Tuesday are trading +2.50 euros higher at 205.50 euros/mt<br> <br>-- Dalian January corn futures on Tuesday traded -27 yuan lower ending at 2,123 yuan/mt<br> <br>-- CBOT Deliveries: December Corn 111</span></div><br><span style=\"font-size: 12pt; font-family: Verdana, Geneva, sans-serif;\">KJ</span></div>