MarketEdge PM Comments

Nov 02, 2023

(Allison Ryan)

Everything was up again today, with the exception of corn. December corn was down 5, and December ’24 was down ¾ cent. January beans were up 13¼, and November ’24 was up 11.
  • December corn is very close to contract lows of 4.67¾, established mid September and a key support level; the funds are selling on lack of technical support
  • Export data was disappointing for corn, falling 45% week over week and on the lower end of estimates
  • Harvest pressure continues to help push the corn market lower; we’re ahead of pace and nationally, there are plenty of reports that the corn crop was better than expected
  • Bean production reports are shaky, with potentially lower than expected yields, helping push that market higher
  • Good crush numbers and rumors that China is sniffing around for Nov-Jan beans from the PNW also aided in an up day
  • Weather patterns in south America are being closely watched, dictating planting pace and impacting the growing season
  • The Dow and crude are both up, and the Dollar is weaker
Have a great evening.

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