By Kirk Maltais

 

--Wheat for March delivery fell 1.3% to $5.12 a bushel on the Chicago Board of Trade on Thursday, amid anticipation that weather in the U.S. Midwest will allow farmers to finish-up the fall harvest in December.

--Soybeans for January delivery fell 0.4% to $9.01 a bushel.

--Corn for December delivery rose 0.5% to $3.68 1/2 a bushel.

 

HIGHLIGHTS

 

December Dry Up: The expectation that farmers will be able to get out in fields and finish up the harvest in December thanks to improving weather weighed on wheat futures. Snowfall and a generally soggy fall has hampered progress in harvesting wheat and corn across the northern plains.

Snappy Soybeans: China helped drive soybean export sales above trader expectations, snapping up 568,600 tons of the 1.52 million metric ton total. But traders are waiting to see what happens with U.S./China trade talks. China has invited its American counterparts for a new round of face-to-face talks, according to people briefed on the matter. The news comes less than a day after U.S. President Trump said, "I don't think they're stepping up to the level that I want."

 

INSIGHT

 

Brazilian Bombshell: While U.S. soybeans are currently being offered on the export market at 33 cents below their Brazilian counterparts, Tomm Pfitzenmaier of Summit Commodity Brokerage doesn't see that leverage lasting. As we move into January, he says, U.S. beans are now trading around a dime above Brazilian offers, "and we anticipate that the business will move to South American in late January/early February as those supplies start to become available."

USDA Calls Audible: The USDA says crop progress reports will continue past their Nov. 25 stop date. Citing "delays in harvest progress this season," the USDA says it will continue to report harvest progress each week until the harvest season appears complete. Extending the reports will likely bring new clarity to the grains industry, allowing traders to determine how much product may be left on fields in the northern plains by the end of the year, said Terry Reilly of Futures International.

 

AHEAD:

 

--The USDA will release its monthly Cattle on Feed report at 3 p.m. ET Friday.

--The USDA will release its monthly cold storage report at 3 p.m. ET Friday.

--The CFTC will release its weekly commitment of traders data at 3:30 p.m. ET on Friday.

 

Write to Kirk Maltais at kirk.maltais@wsj.com

 

(END) Dow Jones Newswires

November 21, 2019 16:04 ET (21:04 GMT)

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