MarketEdge PM Comments
Dec 30, 2023
(Taylor Bensenberg)
Good afternoon,
March corn closed down 3 at 4.7125 and May corn closed down 2 ½ at 4.84. March beans closed down 14 cents at 12.98 and May beans closed down 14 ¼ at 13.0725.
Have a great weekend!
Good afternoon,
March corn closed down 3 at 4.7125 and May corn closed down 2 ½ at 4.84. March beans closed down 14 cents at 12.98 and May beans closed down 14 ¼ at 13.0725.
- Still seeing holiday trade mixed with South Americas weather and Russia/Ukraine news.
- Russia unleashed the biggest air attack on Ukraine since the start of the full-scale invasion.
- The Red Sea is still being sieged by Iranian-backed Houthi militants posing issues for vessels.
- Since the start of 2023, beans have dropped nearly 14% followed by corn at 30%.
- I think Matt Campbell with StoneX said it best with the below commentary to close out the year:
- "Overall, to wrap up, 2023 was "a bumpy transition to normal", in my opinion. We have had a few geopolitical issues, transportation issues, and Mother Nature issues....but overall, commodities have calmed down and are trying to find where a "new normal" might be. I would guess 2024 will be a year where we FIND that new normal."
- The markets will be closed New Years Day and will reopen Tuesday at 8:30 AM.
Have a great weekend!