Grains

Grain prices this morning are higher with Dec corn +1.25 (+0.37%), Jan soybeans +2.75 (+0.28%), and Dec wheat +2.75 (+0.65%). Grains on Thursday settled mixed with Dec corn at a 2-month nearest-futures low: Dec corn -1.75 (-0.52%), Jan soybeans -4.25 (-0.44%), Dec wheat +1.50 (+0.36%). Bearish factors included (1) a stronger dollar, which is negative for U.S. grain export prospects, and (2) signs of ample supplies after the USDA in last Thursday's WASDE report raised its U.S. 2017/18 corn ending stocks estimate to a record 2.487 bln bu and raised its global 2017/18 soybean ending stocks estimate to a record 97.9 MMT. Increased wheat exports from Russia, the world's biggest wheat exporter, are negative for wheat prices as Russia wheat exports from Jul 1-Nov 8 are up +20% y/y at 13.5 MMT. Signs of stronger domestic soybean demand is positive for soybean prices after NOPA reported Wednesday the Oct soybean crush was 164.242 mln bu, higher than expectations of 163.417 mln bu. Strong Chinese soybean demand is bullish for soybean prices as China Sep soybean imports rose +12.6 % to 8.11 MMT, a record high from the month of Sep. Chinese demand for U.S. soybeans is robust as China Jan-Sep China soybean imports of U.S. soybeans are up +14.8% y/y to 20.679 MMT. Monday's Crop Progress report showed 83% of the U.S. corn crop was harvested as of Nov 12, -8 points below the 5-year average of 91%. 93% of the U.S. soybean crop has been harvested as of Nov 12, just below the 5-year average of 95%.