MarketEdge AM Comments

Nov 22, 2023

(Phil Knuth)

Good Morning.  Happy Thanksgiving!  The Chicago Board of Trade will have a regular close today and will not resume trading until 8:30am on Friday morning.  Friday, trading will end early at noon.  All River Valley Coop locations will be closed tomorrow and Friday.  There will be a grain merchandiser available during Friday’s trading hours at the main office in Eldridge, call 563-285-1736.  Overnight, corn and soybean futures were lower.  December corn finished the overnight session off a quarter of a penny, settling at 4.6975.  January soybeans were off 10 ½ cents, settling at 13.6675.  In the outside markets, as of 7:30am:  The US Dollar Index is up 100 points, trading at 103.666.  January crude oil is off $3.06, trading at $74.71 per barrel.  Precious metals are mixed.  Industrial metals are mixed.  The Electronic Mini-DJIA is up 27 points, trading at 35,175.  Sharply lower crude oil futures and a higher US Dollar are pressuring grains and oilseeds this morning as we head into a holiday weekend.  Also, the much anticipated rain has begun to fall in the parched regions of Central, Western, and Northern Brazil.  Total accumulation of 1.00-2.50” is expected over the next couple of days.  Trading volume is light with many traders busy at home basting turkeys and whatnot so, volatility is to be expected.  Yesterday, the funds bought 1000 contracts of corn, bought 3000 contracts of soybeans, and bought 6000 contracts of wheat.  They are now estimated to be net short 178,640 contracts of corn, net long 87,240 contracts of soybeans, and net short 112,450 contracts of wheat.  From a chart perspective, December corn finds initial support at yesterday’s low, 4.68, followed by 4.6450, Monday’s low, and then the multi-year contract low charted last Monday, 4.61.  Initial resistance is at 4.75, yesterday’s high, followed by a cluster of resistance from 4.80 to 4.8125, which includes the highs from November 3rd, 6th, 8th, 14th, and 15th.  January soybeans find initial support at 13.60, the overnight low, followed by 13.27, the three-week low charted on Monday, and then the psychological 13.00 mark.  Initial resistance is at yesterday’s high, 13.8925, followed by 13.9850, the nearly three-month high charted one week ago, and then the psychological 14.00 level.  Opening calls are lower.
Have a great Wednesday and a great Thanksgiving holiday! 

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Corn took the lead while soybeans treaded water lightly.
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