MarketEdge PM Comments
Nov 13, 2023
(Caleb Kaufmann)
Strong start to the new week fueled largely by hot/dry Brazilian weather affecting soybean planting pace and in turn safrinha corn plantings down the road. Brazilian corn went limit up today along with soybean meal, which, synthetically is much higher. January beans close up 35 to $13.8250, March beans were up 34 ¼ at $13.95, December corn closes up 13 ¼ to $4.7725, and March corn calls it a day up 13 ¾ at $4.9275.
Strong start to the new week fueled largely by hot/dry Brazilian weather affecting soybean planting pace and in turn safrinha corn plantings down the road. Brazilian corn went limit up today along with soybean meal, which, synthetically is much higher. January beans close up 35 to $13.8250, March beans were up 34 ¼ at $13.95, December corn closes up 13 ¼ to $4.7725, and March corn calls it a day up 13 ¾ at $4.9275.
- Brazilian soybean plantings at 57% complete vs. 67 last year and 69 5-year average
- Argentine corn planting at 29% complete vs. 26 last year and 40 5-year average
- President Biden is meeting China's President Xi this Wednesday in San Francisco
- Exporters report a daily flash sale of 204,000 metric tons of soybeans for delivery to China and 143,637metric tons of corn for delivery to Mexico during the 2023/2024 marketing year
- US bean harvest seen at 95% complete vs. 91 last week and 91 5-year average
- US corn harvest at 88% complete vs. 81 last week and 86 5-year average