MarketEdge PM Comments
Nov 23, 2023
(Sam Bair)
Good evening, grains are mainly lower headed into the holiday. Dec corn futures are down a penny and a quarter closing at 468^6, with March corn futures also being a penny and a quarter lower closing at 487^6. Jan soybean futures are 20^6 lower closing at 1356^4, while March soybean futures are down 18^6 closing at 1374^2. Wheat finish in the green, up a penny.
Have a safe and blessed Thanksgiving.
Good evening, grains are mainly lower headed into the holiday. Dec corn futures are down a penny and a quarter closing at 468^6, with March corn futures also being a penny and a quarter lower closing at 487^6. Jan soybean futures are 20^6 lower closing at 1356^4, while March soybean futures are down 18^6 closing at 1374^2. Wheat finish in the green, up a penny.
- There was a flash sale of 128k MT of corn to ‘Unknown’ that helped corn early.
- Last week Ethanol production was down 2.3%, while stocks were up 3.3%.
- Soybean Meal and Oil were both down pressuring beans to go lower.
- Improved weather forecasts in South America also weigh heavily on Soybeans.
- Although rains weren’t enough to relieve some crop concerns, ADMs South American Director still expects for them to have a near record crop. Estimated at 161.6 MMT
- Remember, there is no trade until Friday because of Thanksgiving, and Friday is an early 12:05pm close.
- Dow Jones, Nasdaq, the S&P 500, and the USD all finish higher on the day.
- Livestock were mostly lower with cattle in the red and hogs all lower except for Dec hog futures.
Have a safe and blessed Thanksgiving.