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📊 Funds Expand Net-Long Positions in Corn
Last week, large money managers substantially increased their net-long positions in corn: 
Net buyers of 97k corn contracts, with a total net long of 100k contracts—the largest since February 2023.
Despite the buying spree, the Dec24 corn contract gained only 12 cents during the reporting week.
Funds were also net buyers of 17k soybean contracts and sellers of 18k SRW wheat contracts. 📉

🌍 China’s Tax Rebate Changes Impact Soybean Oil Prices
China plans to reduce or eliminate export tax rebates on various products, including used cooking oil: 
The removal of tax rebates for used cooking oil, widely used in biofuel production, has raised US soybean oil prices.
US soybean oil futures climbed 2% on Friday, reflecting expectations of increased domestic usage.
Chinese used cooking oil imports have been undercutting US farmers, with concerns about fraudulent imports raised earlier this year. These changes will take effect December 1.

🏭 US Soybean Crush Hits Record High
The National Oilseed Processors Association (NOPA) reported an all-time high US soybean crush for October:
199.96 million bushels processed, up 12.8% from September and 5.4% from October 2023.
End-of-month soybean oil stocks rose slightly to 1.07 billion pounds, below the trade estimate of 1.09 billion pounds.
Strong crush numbers signal robust domestic demand for soybeans and soybean oil. 🌱

🌍 Summit Carbon Pipeline Gains Approval in North Dakota
Summit Carbon Solutions has secured regulatory approval for its carbon pipeline route in North Dakota:
The permit was initially denied in 2023 but was granted after Summit made changes to its proposal.
Summit has secured 82% of easements in North Dakota but still lacks eminent domain authority.
The company plans to reapply for a permit in South Dakota this week after a prior denial. 🌎

🚢 Disappointing Export Sales
US export sales were lower across the board last week:
Soybeans: 1.6mmt (57 million bushels), down 24% week-over-week and from the 4-week average. China was the largest buyer.
Corn: 1.3mmt (52 million bushels), down 53% week-over-week and 52% from the 4-week average. Unknown destinations topped the buyers.
Wheat: 380,100mt (14 million bushels), a slight +1% week-over-week but -17% from the 4-week average. South Korea was the largest buyer.

🌾 Rain Boosts US Winter Wheat
Rainfall across US HRW wheat country has improved soil moisture and crop conditions:
Rain was observed in Kansas, Texas, Oklahoma, and Missouri overnight, following substantial rainfall last weekend.
Winter wheat ratings improved last week and are expected to improve further with the recent rains in HRW and SRW wheat areas.