MarketEdge PM Comments
Nov 28, 2023
(Allison Ryan)
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.