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Commentary

Grain Commentary By Jeff Thatcher

Friday December 4th
 
Corn: -6 to -1/4
 
The corn market spent much of the session lower before ending with a modest loss.  March futures finished 6 cents lower after just briefly trading higher last night.  The December ’21 contract fared much better, ending just fractionally lower.  Nearby corn was just over 13 cents lower for the week with spillover pressure from a wheat market that lost 30 cents.  Rumors of China buying US corn were heard throughout the week with the only announcement reporting corn sold to Mexico.  The USDA will release their update supply and demand tables next Thursday, but no changes will be made to US production numbers. 
 
Soybeans: -5 ¼ to -2  
                         
Soybeans were also lower much of the session, spending most of the day trading just slightly lower.  The nearby contract lost just over a nickel after trading over a dime lower early in the session.  Soybean products were mixed today with soybean oil again being the leader.  The January soybean contract lost nearly 30 cents on the week.  Better weather forecasts for South America along with slowing export demand weighed on this week’s trade.  Brazil is expected to receive daily rains, but Argentina is expected to remain mostly dry.  Weekly export sales marked a new low this week as China remains absent from any new bookings despite persistent rumors this week.
 

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