CME GRAINS: Corn: $6.775 (+2.25); Soybeans: $15.32 (-2.25); Wheat: $7.5675 (-4.25); Cotton: $85.43 (-0.96)
National Corn Wire
STOCK UPDATE: Dow 30: 33,926.01 (-127.93); Nasdaq: 12,006.95 (-193.87); S&P 500: 4,136.48 (-43.28)
Market Update
ENERGY PRICES: Crude Oil: $73.22 (-2.66); Heating Oil: $2.7817 (-0.115); Natural Gas: $2.397 (-0.059) (Natural gas falls to new contract low)
Market Update
SHORT-RANGE WEATHER: A strong arctic front and associated gusty winds will produce bitter wind chills as cold as -50 or colder from the Upper Midwest to the Northeast
Weather
U.S. EXPORT SALES: Corn sales up 75% (Best in 10 weeks); Beef at 25.5K mt (Sales over 25K metric tons back-to-back weeks)
Market Update
DROUGHT MONITOR: Amidst the wild and devastating weather week, drought mostly held at status quo. The West saw some improvements, and the Southern Plains saw degradations, with mostly small changes elsewhere (VIEW REPORT)
Weather
DROUGHT MONITOR: Drought coverage across the U.S. and Puerto Rico topped 40% (40.01%) for the first time since late September and for the fifth time in 2021. The lowest percentage of drought coverage across the U.S. & P.R. so far in 2021 occurred in late May (36.3%)
Market Update
DROUGHT MONITOR: It’s hot and dry in the Southwest. Exceptional drought (D4) has developed or expanded in parts of Utah and New Mexico. Meanwhile, most states in the West and Great Plains saw improvements, except for areas of Montana and Texas
Weather
DAILY EXPORT SALES: Private exporters reported sales of 128,000 metric tons of soybeans for delivery to Mexico during the 2022/2023 marketing year
Exports
The White House on Wednesday was due to announce fresh efforts to slash credit card late fees and drive down the prices that Apple and Google parent Alphabet charge on mobile app stores, part of a larger policy drive to promote competition in consumer markets (Reuters)
Market Update
CORN MARKETS: The bulls really need to see the March contract clear $6.88 ¾ soon in order to keep control, otherwise we will go check support near $6.70 (Schwieterman)
NBW Market Commmentary
Gas prices up 7 cents this week to $3.49, up 12 cents from last year. Diesel prices up 2 cents this week to $4.62, up 78 cents from last year
Cash Prices
The world spent $1.1 trillion transitioning to clean power in 2022, same as amount spent producing oil and gas (BN Commodities)
NBW Market Commmentary
USDA GRAIN STOCKS REPORT: Corn stored in all positions on December 1, 2022 totaled 10.8 billion bushels, down 7 percent from December 1, 2021. Soybeans stored in all positions on December 1, 2022 totaled 3.02 billion bushels, down 4 percent from December 1, 2021
Market Update
SHORT-TERM ENERGY OUTLOOK: We forecast that the Brent crude oil price will average $83 per barrel (b) in 2023, down 18% from 2022, and continue to fall to $78/b in 2024 as global oil inventories build, putting downward pressure on crude oil prices
Market Update
OILSEED OUTLOOK (WASDE): U.S. oilseed production for 2022/23 is estimated at 126.0 million tons, down 2.0 million from the previous report on smaller soybean, sunflower, canola, and peanut crops
National Soybean Wire
USDA CROP PRODUCTION: All cotton production is forecast at 14.2 million 480-pound bales, up 2 percent from the previous forecast, but down 19 percent from 2021
WASDE
BEFORE THE BELL: U.S. stock index futures were subdued ahead of the keenly awaited December inflation data that would offer more clues on the Federal Reserve's path of monetary tightening. Gold gained on softer dollar. Oil prices rose supported by optimism over China's demand outlook (Reuters)
Market Update