Written Commentary
SOYBEANS
January soybeans closed 5 ¼ cents lower on the session and this left the market down 28 ¾ cents on the week. More talk of less acres of soybeans in South America under stress helped to trigger the early selling. A surge higher in Malaysia palm oil prices to 8 1/2 year highs helped to support the soybean oil market. If the forecast shifts drier into mid-December over the weekend, the market could see a resumption of the uptrend next week.
CORN
March corn is trading 6 cents lower on the session and this left the market with a loss of 13 ¼ cents for the week. Talk of less corn under stress in South America helped to pressure the market. The longer-term fundamentals still look supportive with US corn competitive on the world market and traders uncertain over the production prospects in South America. China demand remains strong for feedgrains and private exporters reported the sale of 182,020 tonnes of US corn to Mexico.
WHEAT
March wheat closed 9 cents lower on the session and down near the December 1st lows. The market was down 30 ½ cents for the week. While there continues to be active tender business on the world market, Black Sea region growers or India are getting recent sales, and Australia and Canada crops look to leave significant exportable surpluses for export in 2021.
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