Early Market Talk November 27, 2019

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At 0600 CZ19 trading $0.01 higher at $3.68 ½ with SF20 $0.02 higher at $8.86 ½. Once again overnight trade holding a relatively tight range and typical night session volume. KC and Chi wheat firm as well.

Well over half the CZ19 volume overnight CZCH spread trade. Markets close regular time today and reopen Friday morning at 8:30 with a noon close.

Dow futures trading a scratch higher this morning at 28,134 and set a new all time high of 28,173.

Private group suggesting Brazil corn exports at 41 mmt (1,615 mln bu) this year and significantly above the official 22.8 mmt a year ago.

Daily dose of trade noise – Trump commented yesterdays that talks with China on the first phase of a trade deal were near completion. “We’re in the final throes of a very important deal”. Imagine for a minute a resolution is reached. Without other contributing factors where would prices be in 60 – 90 days? Could be argued not a lot different. Refer to Brazil corn export comment and another big one coming.

All CZ19 should be cleaned up today to avoid delivery shenanigans. FND Friday on December contracts.

Corn receipts registered for delivery unchanged at 216, unchanged from yesterday. That may well change at 4:00this afternoon. Delivery economics 4¢ from par.

Wishing you a happy and festive Thanksgiving with all your family and friends! We are thankful for you and the trust you place in our INTL FCStone team……………….

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