MarketEdge PM Comments

Nov 08, 2023

(Allison Ryan)

Grains were mostly up today, although beans well off their morning highs. December corn was up 7½ and December ’24 was up 4½. January beans were up 3¾, after being up over 22, and November ’24 was down 1½. Wheat was also up 18-22.
  • December corn rebounded after testing contract lows yesterday, following wheat; a 2+ billion-bushel carryout and dismal demand provide a bleak outlook for the corn market overall.
  • South American weather is partially driving this bean market; dry areas continue to get drier and wetter areas continue to get more rainfall.
  • There are 30-40 ships sitting off the Port of Paranaguá in Southern Brazil that cannot get in due to 20 inches of rain in the last month; it’s believed some of these shipments have been canceled and migrated up to the Gulf, substituting orders from South America with beans from the US.
  • Several flash sales were announced today, with a corn sale to Mexico and beans to China and unknown destinations.
  • The rally in beans backed off substantially today- did the market run out of buyers, or did we push up against our September highs and run out of steam?
  • Tomorrow’s USDA WASDE report comes out at 11 AM- changes are expected to be minimal, but some are predicting a slightly higher yield on corn and stable to lower yield on beans.
  • Consider putting offers out through tomorrow’s report to get more on the books for stored bushels.
  • Take a look at your 2024 production and break evens, and consider locking in profits for next year’s crop.
  • The Dow was lower, crude was down, and Dollar was slightly firmer.
Have a great evening.

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