We kicked off the day with Export Sales, Export Prices MoM & YoY, Import Prices MoM & YoY, NY Empire State Manufacturing Index, Retail Sales MoM & YoY, Retail Sales Ex Autos MoM, and Reatail Sales Ex Gas/Autos MoM at 7:30 A.M., Industrial Production MoM & YoY, Manufacturing Production MoM & YoY, and Capacity Utilization at 8:15 A.M., Business Inventories and Rerail Inventories at 9:00 A.M., NOPA Crush at 11:00 A.M., and Baker Hughes Oil & Total Rig Count at 12:00 P.M.
Corn Drops On Future Trade Fears; Absence of La Nina support trend yield in Argentina:CBOT corn ended sharply lower on growing likelihood that rain returns to Argentina in late November and amid broad ag-market fear-based selling. US export sales are estimated at a sizable 60-75 Mil Bu, but uncertainty surrounding post-winter US export demand and watching non-threatening South American weather has dominated trade this week. Recoveries must be used to catch up on sales. There does exist support for re-tests of $4.30basis Dec, and $4.40, basis March., as the US’s export loading program in Dec-Feb will be massive, and as USDA’s industrial use forecast is some 50Mil Bu too low. US ethanol production last week was an ALL-TIME high record 327 Mil Gal, but stocks failrd to build. Analyst’s forecasts are betting on production to sustain bull trends which require South American weather.More By This Author:
South American Weather Remains A Gamechanger. The Corn & Ethanol Report
