Yield Report from South Central Nebraska:
"Normally, I apply 12 to 14 inches of water; did 14 to 16 this year. I started the pivots before I planted so I could get the planter in the ground. Irrigated corn about 10 bushels less than last year and dry land corn zero to 25 bushels. Bean yields are very disappointing. Kaapa Ethanol is paying 60 over the December at all three locations with free DP."
"The coops in our area are finally figuring out the crop just isn’t out there. Most of the time around harvest corn basis is -25 to -40 and it is currently 0. Soybeans are usually -55-75 and they’re currently -45 and firming fast. Western Iowa."
India is the third largest importer of crude oil. Two of its biggest refiners announced yesterday they will no longer accept Russian crude oil after December 5th, the day on which the EU embargo on Russian oil begins. India has been importing large volumes of Russian oil due to the discounts below world prices after the Russian sanctions were applied by the USA and EU. Both refiners are afraid of economic sanctions being levied on them if they continue to buy Russian crude after December 5th.
Was that why crude oil traded $3+ lower yesterday or was it because President Biden said he would release a “significant” amount of oil from the USA’s Strategic Petroleum Reserve (SPR) or was it because China announced they would not release its quarterly GDP numbers? The only logical reason China would not release the regular economic data is the numbers are terrible. Therefore, the crude oil market took that to mean the world's #1 crude importer will have less demand for crude oil. Weak crude prices pressured all the commodities yesterday.