Grain Notes 11/24/2020 PM Comments

  • The corn and bean markets started the overnight and morning trade very sluggish, but were able to finish the day slightly lower or even a smidge higher.
  • The corn market was weighed down in the overnight trade by heavy selling in March and May calls, which once that selling pressure stopped, the market began to come back.
  • Rabobank projected that soybeans could rise as high as $15.00 if a strong La Nina event severely impacts the size of the South American crop combined with a potentially low US ending stocks number.
  • A macro market rally also helped grains negate overnight losses. Vaccine hopes and the US government actually starting the transition from the Trump to Biden administration late yesterday were thought to be the big drivers in today’s rally. The Dow traded over 30,000 for the first time in history, and crude oil is up nearly $2 a barrel.
Below is this week’s Thanksgiving Trading Hours:
Wednesday, November 25th
Regular Close
Thursday, November 26th
CLOSED-Happy Thanksgiving
No overnight markets
Friday, November 27th
8:30 AM CST Open
12:05 PM CST Close