TOP STORIES:

Wheat Falls on Signs of Russian Quota Growth

Wheat for March delivery fell 3.5% to $5.85 a bushel on the Chicago Board of Trade Monday in reaction to indications Russia may increase the amount of wheat allowed to be exported next year.

The Russian agricultural ministry says that it may increase its planned wheat quota to 17.5 million metric tons from 15 million tons, which would be applicable for Russian exports through June.

China Remains Main Source for US Soybean Demand -- Market Talk

11:36 ET - Exports of US soybeans continue to go mostly to China, according to data from the USDA. The agency's latest grain export inspections report shows that of the 2.04M metric tons inspected for export, 1.67M tons were destined for China. Even with data showing strong Chinese purchasing, soybean futures are down Monday, as grains traders were again unable to push the most-active contract past the $12 per bushel barrier. "The trend for beans is still higher and the outlook is the most supportive, but there is a very large speculative long in the market that is vulnerable to see profit taking ahead of year end," says Doug Bergman of RCM Alternatives. (kirk.maltais@wsj.com; @kirkmaltais)

STORIES OF INTEREST:

New US Corn Export Sales Reported by USDA -- Market Talk

09:44 ET - The world export market seems hungry for US corn. The USDA reporting that 140,000 metric tons of corn were sold to unknown destinations, while another 204,000 tons were "received in the reporting period for delivery to unknown destinations." The announcement comes as weather issues in South America appear to be pressuring the Brazilian corn crop, with Brazilian consultancy SAFRAS estimating Brazil's 1st crop corn production at 19M tons versus 26.7M tons a year ago. Corn futures on the CBOT trade 0.2% lower pre-market Monday. (kirk.maltais@wsj.com; @kirkmaltais)

Oil Extends Fall on Further OPEC Delays -- Market Talk

16:14 ET - US benchmark oil prices extend their declines in after-hours trading, down 0.8% at $45.17 a barrel, after reports emerge that OPEC will delay by another couple days its decision on whether to extend an emergency production cut deal. Officials from OPEC and other top producers including Russia met earlier today, but after brief discussions said they'd postpone any decisions until Tuesday. But now, according to several media reports, the group has now pushed that decision even further back, until Thursday. The delays add to lingering uncertainty as to whether the group feels November's 27% surge in WTI crude prices points to a tighter market than previously thought, perhaps giving room for new supplies. (dan.molinski@wsj.com)

THE MARKETS:

Livestock Futures Mixed as Dryness Looks to Hurt Pastures -- Market Talk

15:27 ET - Dryness in the US Plains is starting to become a factor that may start to bite into the herd sizes of US livestock, particularly cattle, says Karl Setzer of AgriVisor. "If conditions do not improve in the near future, cattle producers may start to rethink their herd sizes. This is especially the case if feed grain values remain elevated," says Setzer. Livestock futures were mixed to close trading Monday, with hogs closing up 2% to 68.575 cents per pound, while live cattle futures finished down 0.3% to $1.12875 per pound. (kirk.maltais@wsj.com; @kirkmaltais)

(END) Dow Jones Newswires

11-30-20 1727ET