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.
Have a great evening.
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.