MarketEdge PM Comments

Dec 06, 2023

(Allison Ryan)

Grains closed mostly lower today, after initially trading higher. March corn was down 6¼ and new crop corn was down 5¾. January beans were down 10 and November ’24 was down 12¾.
  • The energy complex started the downside today, instigating a round of technical selling for grains
  • Corn and wheat started off stronger, with more flash sales of wheat announced to China, but couldn’t hang onto the green
  • The USDA WASDE report is Friday at 11 AM- will they adjust the crop in South America? If so, that could get us a little gas to turn this market green again
  • January beans closed below the $13 support level- we could see a little more downside without holding that $13 phycological mark
  • Basis is doing the work regionally in order to get bushels moving, especially with nearby corn under $5 on the board
  • Corn exports are actually fairly competitive currently, at these levels, and we could see some adjustments to Friday’s report
  • The Dow was slightly higher, crude was down, and the Dollar was firmer
  • Our Target Averaging contract is now being offered for July ’24 old bushels, and new crop Dec ’24 bushels- talk with your originator to some grain on the books at your target levels
Have a great evening.

Read More News

Dec 30, 2023
March corn closed down 3 at 4.7125 and May corn closed down 2 ½ at 4.84.
Dec 28, 2023
Good Morning.  Corn and soybean futures finished the overnight session slightly higher. 
Dec 27, 2023
Grains were mixed today, during a relatively quiet week in between holidays and light trading volume.