The bears not only got to feast on the turkey for Thanksgiving, but they were also so excited about the meal on Wednesday, they decided to throw a few bulls into the oven as well. Not unexpectedly, news and markets are quiet for this last trading day of November, and one has to suspect that the only participants out there are those who have to be for hedging purposes.
We do have weekly export sales released this morning and for the grains and soybeans, pretty solid numbers. For the week ending November 21st, we sold 612,700 MT or 22.52 million bushels of wheat. This was 40% above last week, 60% above the 4-week average, and just above upper trade estimates. The top purchaser was the Philippines with 194.6k MT, followed by Taiwan with 95.7k and then Japan taking 65.8k. Corn sales registered 806,800 MT or 31.77 million bushels. This was 2% above the previous week, 34% above the 4-week average, and towards the upper end of estimates. Colombia was at the head of the class purchasing 262,600 MT, followed by unknown destinations with 153.7k and then Cota Rica at 101.7k. China was back again in the soy market, helping boost sales 14% above last week and 25% above the 4-week average as they purchased 50% of the total 1,664,100 MT or 61.16 million bushels. Germany was the second-largest buyer with 124.3k MT, followed by Indonesia with 112.7k. Meal sales were a letdown, though, as they were 53% lower than the previous week, and hog sales were also down 53%, but here we did find China purchasing another 5,400 MT.
In global news, we find continued slow progress in France as harvest and planting of winter crops hampered by wet weather. AgriMer estimates that corn harvest only increased 4% this past week and has reached 92%. Winter wheat seeding increased 6% and has reached 80% complete, and winter barley increased just 3% to reach 89% complete. India is experiencing its wettest monsoon season in 25-years and should aid in expanding acreage in winter-sown crops. This past year that nation produced a record 102.19 MMT of wheat. Finally, in Brazil, private consultant AgroConsult in now projecting total corn to be planted at 18 million hectares, which is 500,000 above the government estimates. They also project that Brazilian bean exports to China will total between 54 and 59 MMT compared with 60 MMT this past year and are looking for a total bean crop of 124 MMT.
Nothing new to report on U.S./Chinese trade negotiations. On Wednesday, President Trump did sign legislation that would authorize sanctions against the Chinese for the human rights abuses in Hong Kong. The Chinese Foreign Ministry office was reportedly “furious,” but of course, that was not unexpected. Interestingly enough, thus far, there have been no threats to halt trade discussions.