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Money managers through Nov. 28 extended their K.C. wheat net short to near 50,000 futures and options contracts, their largest since May 2019 and among their biggest-ever shorts. Grain futures sank in the week ended Nov. 28, including a 3.2% decline in CBOT March corn and a 1.8% slide in March wheat . CBOT March wheat found contract lows on Nov. 27 but touched three-week highs by Friday, presumably motivated by short covering. Funds in that week cut their net long in CBOT soybean futures and options to 67,562 contracts from 81,587 a week earlier.

Persons: Dane Rhys, Corn, Karen Braun, Chris Reese Organizations: REUTERS, Rights, Reuters, Thomson Locations: Deerfield , Ohio, U.S, Rights NAPERVILLE , Illinois, Chicago, Kansas City, Minneapolis, Brazil

USDA pegged U.S. corn yield at 174.9 bushels per acre, up from 173 last month and above nearly all estimates, which on average predicted a slight increase. It was the most bearish corn yield in a November report since 2017. That could negatively impact Brazil’s second corn production, as was the case after the 2015-16 El Nino, rerouting corn demand to the United States. USDA left Brazil’s 2023-24 soy crop unchanged at 163 million metric tons this month, but it raised the prior crop by 2 million tons to 158 million, suggesting exports are outperforming prior crop expectations. However, USDA has flashed 2.85 million tons (105 million bushels) of U.S. soybean sales so far this week, mostly to China and unknown destinations.

Persons: Dane Rhys, El, Karen Braun, Matthew Lewis Organizations: REUTERS, Rights, U.S . Department, USDA, El Nino, Reuters, Thomson Locations: Deerfield , Ohio, U.S, Rights NAPERVILLE , Illinois, Brazil, United States, China

☆ Louis Dreyfus to build Ohio soy crush plant, add to processing boom
▼ + stars: | 2023-10-20 | by ( ) www.reuters.com time to read: +1 min

Two people converse in a soybean field during harvest season in Deerfield, Ohio, U.S., October 7, 2021. REUTERS/Dane Rhys/File Photo Acquire Licensing RightsPARIS, Oct 20 (Reuters) - Louis Dreyfus Company will build a soybean-processing plant in Ohio, the global crop merchant said on Friday, adding to a booming expansion of oilseed crushing in North America encouraged by biofuel use. Dreyfus will start construction in early 2024 on the facility in Upper Sandusky that will have annual soy-crushing capacity of 1.5 million metric tons, the company said in a statement. The plant will have capacity to produce 320,000 metric tons per year of edible soybean oil and 7,500 metric tons of lecithin, it said. Dreyfus said earlier this year it will more than double the size of its Canadian canola crushing plant in Yorkton, Saskatchewan.

Persons: Dane Rhys, Louis Dreyfus, Dreyfus, Archer Daniels, Gus Trompiz, Karl Plume, Jonathan Oatis, Rod Nickel Organizations: REUTERS, Rights, Louis Dreyfus Company, Reuters, Regional Growth, Archer Daniels Midland, Thomson Locations: Deerfield , Ohio, U.S, Ohio, North America, Upper Sandusky, North Dakota, Yorkton , Saskatchewan, Chicago

Final Crop Watch soy yield across the Iowa and Illinois locations averaged 4.625 in 2021 and 4.375 in 2022. CORNThe 11-field, average Crop Watch corn yield fell to a season-low of 3.61 from 3.7 last week, an equal decline as in the previous two weeks. Crop Watch corn yield was 3.68 this week last year and 3.82 in 2021. Six of the 11 Crop Watch corn fields carry a yield score of 4 or better with a high of 4.5 in Ohio. Photos of the Crop Watch fields can be tracked on my Twitter feed using handle @kannbwx.

Persons: Dane Rhys Acquire, Karen Braun, Aurora Ellis Organizations: REUTERS, Rights, Crop Watch, Crop, Iowa, Reuters, Thomson Locations: Deerfield , Ohio, U.S, Rights NAPERVILLE , Illinois, Iowa, Illinois, Corn, Minnesota, Nebraska, Kansas, Ohio . North Dakota , Nebraska, Ohio . Minnesota, North Dakota, Kingsbury , South Dakota, Freeborn , Minnesota, Burt , Nebraska, Rice , Kansas, Audubon , Iowa, Cedar , Iowa, Warren , Illinois, Crawford , Illinois, Tippecanoe , Indiana, Fairfield , Ohio, The North Dakota, Griggs County, Stutsman County

In the week ended Aug. 8, money managers established a net short position in CBOT corn futures and options of 26,656 contracts compared with the previous week’s net long of 16,741 contracts. Money managers’ net long in CBOT soybean futures and options in late July was at a seven-year high for the date, but funds have sold aggressively in the last couple weeks. Most-active CBOT wheat drifted fractionally higher in the week ended Aug. 8. Wheat futures tumbled 4.5% in the last three sessions and finished at $6.26-3/4 per bushel, their lowest settle in two months. Funds reduced their net long in Minneapolis wheat to 4,497 contracts from 7,592 a week earlier, and they slashed their K.C.

Persons: Dane Rhys, Karen Braun, Chris Reese Organizations: REUTERS, U.S . Department of Agriculture, USDA, Funds, Reuters, Thomson Locations: Ravenna , Ohio, U.S, NAPERVILLE , Illinois, Chicago, Minneapolis, Kansas City

Crop Watch corn and soybean fields were stressed last week under mostly dry conditions, but multiple rounds of rain over the weekend prevented yield expectations from declining. Last week’s Crop Watch rain totals were mostly concentrated over the weekend, though not all areas received the needed soaking. More than 3 inches of rain were observed in South Dakota, Nebraska, western Iowa and western Illinois, and Indiana picked up 2 inches. For example, the western Iowa producer this week described his beans as phenomenal while the Ohio field was said to look incredible. The North Dakota corn is in Griggs County and the soybeans are in Stutsman County.

Persons: Dane Rhys, dews, Karen Braun, Matthew Lewis Organizations: REUTERS, U.S . Crop, Crop Watch, Producers, Crop, Reuters, Thomson Locations: Ravenna , Ohio, U.S, NAPERVILLE , Illinois, Kansas, Nebraska, Illinois, North Dakota, South Dakota , Nebraska, Iowa, Indiana, Ohio , Kansas, Minnesota, North Dakota , Nebraska, government’s, Ohio, Kingsbury , South Dakota, Freeborn , Minnesota, Burt , Nebraska, Rice , Kansas, Audubon , Iowa, Cedar , Iowa, Warren , Illinois, Crawford , Illinois, Tippecanoe , Indiana, Fairfield , Ohio, The North Dakota, Griggs County, Stutsman County

☆ U.S. factory output solid in September; builder sentiment slumps further
▼ + stars: | 2022-10-18 | by ( Dan Burns | ) www.reuters.com time to read: +5 min

The two data points out Tuesday illustrate the uneven impact the U.S. central bank's rate hikes are having so far on the economy. Manufacturing output rose 0.4% last month, keeping pace with an upwardly revised 0.4% gain in August, the Federal Reserve said on Tuesday. Overall industrial production rose 0.4%, after slipping 0.1% the prior month. The rate hikes have torpedoed activity in the housing sector, and Wednesday's data from the National Association of Home Builders reinforced that. "And given expectations for ongoing elevated interest rates due to actions by the Federal Reserve, 2023 is forecasted to see additional single-family building declines as the housing contraction continues."

Most-active CBOT corn futures rose 15% in those eight weeks, remaining just under $7 per bushel at their peak. Corn futures settled at $6.76-3/4 per bushel Friday, easing with broader commodities and equities, though they remain at the second highest levels for the date behind 2012. Subpar global crops have supported corn futures, but demand concerns loom. Money managers’ bullish CBOT soybean meal views are easily record high for the date, surging by more than 14,000 contracts through Sept. 20 to 102,168 futures and options contracts. That was associated with a 3.7% jump in futures, and it was funds’ biggest meal buying week since November.

Crop Watch corn and soybean fields is right around the corner and producers have mixed feelings heading into the busy season, which should pick up speed within the next two weeks. Scores will be finalized upon harvest and final Crop Watch yields a few times in the past have surprised high or low by more than a point. Only three Crop Watch soybean fields are seen besting last year’s final yield scores: Minnesota, western Illinois and Indiana. Photos of the Crop Watch fields can be tracked on my Twitter feed using handle @kannbwx. Crop Watch Producers 2022Karen Braun is a market analyst for Reuters.

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