News & Announcements

11/13/26 MIDCO MORNING COMMENTS

Good morning. Think lucky thoughts today. It is snowing here in Bloomington. It is still amazing how many folks are on one email platform and how long it takes to fix an outage. Of course, all of that is above my pay grade. Green on the screen to end the week. Conab issued its update on production this morning. They kept both bean and corn production unchanged at 181.6 MMT and 148 MMT respectively. The USDA is at 186 and 141. Some dry weather concern has started to creep up in northern Brazil, but southern areas remain plenty wet. The effects of El Nino would be greatest along the northern tier of Brazil. Russian/Ukraine talks have mostly ended with no big agreement. They are expected to continue to talk, and it sounds like Europe will continue to be involved. Ukraine unleased a fury of drone attacks on Russia again overnight. Corn sales were very good this morning at 113.4 mbu.. Beans sales were decent at 42.4 mbu. Wheat sales were poor at just 6.7 mbu. November beans expire today. The PPI for Oct. came in at +0.3% over the month prior versus estimates of +0.4%. Based on what we see today, a FED increase is all but assured in December. The index roll ended with very little pressure seen on the nearby corn spread. Another 88 corn certs were cancelled yesterday, the second of two net cancellations in zone 5 this week. The weather forecast looks sunny for the next few days, with rain chances increasing late next week. With the U.S. getting done, on harvest, the weather watching will be full on for South America for the next few months. Once again, we will see if these gains can hold but support looks pretty solid at the early week lows for now. Have a safe day. ... See MoreSee Less