Overnight trade saw KC and Chicago December contracts push toward or through lows; as large stocks loom, the USD remains near highs and Crude Oil backs away from Monday’s highs. Export inspections were disappointing through last Thursday, with only 222 TMT registered for shipment, with HRS the leader seeing movement out of the PNW, and Morocco buying 54 TMT of HRW from the Gulf. CFTC showed the net fund short in Chicago at 111k contract as of 11/22, which is about 17k contracts less than the daily estimates showed. This difference could lead to selling the next couple sessions, potentially taking the market back down near lows. Winter wheat conditions held steady at 58% g/e in the last national report until April. Updated weather maps show precipitation chances falling for the 6-10 and 8-14 day ranges, while temperatures remain at or below average. Look for weakness across the grain markets, with soybeans down double-digits and outside markets lend to lower trade.
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