Analysis by The Brock Report
Regarding the report, The Brock Report provided the following insights:For the week ended Dec. 5, net weekly U.S. corn export sales came in at 37.3 million bushels. This is towards the low end of trade expectations, which ranged from 27.5 to 75 million bushels, and is lower than the previous week's sales of 69.1 million bushels. Although sales were above the weekly level needed to reach USDA's new 2024/2025 export sales forecast of 2.475 billion bushels, the overall trend seems neutral to slightly negative for corn prices.
Net weekly U.S. soybean export sales stood at 43.1 million bushels. This compared with trade expectations of 33 to 81 million bushels and the previous week's sales of 92.2 million bushels. The sales total appears largely neutral for soybean prices. However, soybean futures may find some support from USDA's daily sales announcement, which stated that exporters have sold 334,000 metric tons of U.S. soybeans to unknown destinations for 2024/2025 delivery.
Net weekly U.S. wheat export sales came in at 10.7 million bushels, compared with trade expectations of 9 to 22 million bushels and the previous week's sales of 14.9 million. The sales total seems somewhat negative for wheat prices, although it was exactly at the level needed to reach USDA's new 2024/2025 export forecast of 850 million bushels.
In addition to the grains, other markets also showed movements. February live cattle were up $1.15 this morning, January feeder cattle were up 80¢, and February lean hogs were up 38¢. January crude oil was down 62¢, and the U.S. Dollar Index December contract dropped to 106.55. December S&P 500 futures were down 18 points, and December Dow futures were down 21 points.Published: 9:11 a.m. CT