MarketEdge PM Comments
Nov 28, 2023
Corn was mixed, and beans and wheat were up today. December corn was down 4, and new crop was up 1½. January beans were up 16¾ and new crop was up 12¾. Wheat was also up 9-13.
- Corn has hit three-year lows on the December board, struggling to digest through the 2.1 billion carryout and first call for the December contract on Thursday; we also continue to struggle to be a player in the export market for corn.
- If you have a December HTA yet, consider rolling it to the March board, picking up one of the largest carries we’ve seen in recent years.
- Corn basis has been steady to stronger, as our basis does some work to try and get some bushels moved to market.
- The beans rallied on more fear of South American weather… the dry areas continue to stay dry and wet areas continue to remain wet, potentially limiting the projected record crop.
- An export sale was announced this morning for old crop beans to an unknown destination.
- Consider locking in some bushels for a profit in 2024 crop as you lock in pricing for your inputs.
- The Dow was slightly higher, crude was up, and the Dollar was softer.
Have a great evening.
Read More News
Nov 30, 2023
Corn took the lead while soybeans treaded water lightly.
Nov 30, 2023
Good Morning. It is First Notice Day for December corn futures.
Nov 29, 2023
Corn and soybeans traded both sides of the coin today.