MarketEdge PM Comments

(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.