Tidbits
Yesterday’s NOPA crush for November was down 3% from October and about 3.5 million bushels less than expected, but it was a record high for any November at 193.19 million bushels. Oil Stocks were 1.084 billion pounds; the average oil inventory estimate was 1.123 billion pounds, starting the new soy oil marketing year at the lowest level since 2014/2015.
AgRural estimates the Brazilian corn crop at 121.3 million mts (USDA 127) and Brazil’s soybean crop at 171.5 million mts (USDA 169).
Saudi Arabia bought 804,000 mts of optional origin hard wheat which is expected to be sourced from Bulgaria, Romania, and Russia. Delivery is scheduled between February and April 2025.
As of December 1, Russian agricultural organizations held 31.1 million mts of grain and leguminous crops, a 21.3% decrease from a year earlier. Wheat reserves dropped 24.6% to 18.7 million mts, while corn reserves decreased by 4.3% to 3.8 million mts. Grain year-to-date sales increased by 4.9% to 73.3 million mts. Wheat sales rose 5.8% year-to-date to 49.5 million mts.