Corn and soybeans are trading lower this morning with corn down 2 ¾ cents, soybeans down 9 ¾ cents and wheat trading 6 ¾ cents higher. Wheat continues its move higher as Russian policy aims at curbing exports.
Yesterday, NOPA crush numbers were released at 11 AM CST and came in on the low side of analyst expectation with 161.211 million bushels crushed in November. The average expectation for this report was 165.404 million bushels compared to last year’s November total of 160.145. Analysts ranged from 161 to 176 million bushels. It is important to note that near term demand has been the force lifting soybeans since the beginning of October. Today, more demand news is expected from Chicago as six major soybean buyers from China are expected to sign large purchases. With the first of two major demand stories behind us, soybeans may have a tough time maintaining strength into the end of the week.
Export inspections yesterday showed that Wheat outperformed analyst expectations with 385,974 metric tons inspected for export. Corn disappointed the market with only 546,515 metric tons inspected and soybeans met analyst expectations with 1,820,364 metric tons inspected for export.
This morning wheat prices continue to rise on news from the Russian Agriculture minister after he stated a plan to buy 3.5 million metric tons of grains for state stocks in an attempt to raise Russian grain prices. Yesterday, the slide in the ruble was the largest one-day fall since 1998 and triggered the Russian Central Bank to raise its key interest rate to 17 percent from 10.5 percent. The ruble hit a record low of 80 rubles per dollar.
