MarketEdge PM Comments
Nov 14, 2023
(Cody Forde)
Good afternoon,
Corn and soybeans both moved higher. December corn last trade was 478^2 up 1^0. January soybeans last trade was 13.89^6 up 7^2. We had export sales to Mexico this morning for the 2023/2024 marketing year. This is much needed business to help reduce our growing corn balance sheet. Soybeans pushed higher closing in on our September highs of 14.20 basis the January soybean contract. Where do we go from here? If we can keep bullish news front and center, I could see us going over the 14.00 futures mark during this week. If we post a Friday close over 14.00, I could see us drifting to the highs made in July of this year. What should I be doing if I have unsold soybeans? I would look at risk reward to your operation and put in offers because some of our highs have been made during the night session.
The corn story is a little softer than I would like to see post WASDE report. We have been struggling to close over 4.80 December futures. Our next upside targets are 4.85 to the 4.90 range. I would suggest having targets ready to go in corn as this market could push higher during an overnight weather scare. I have set my eye out in December of 2024 corn. Right now, we have been holding the 505 to 5.18 range. I would have order scaled up from 5.25 to 5.35. I think this would be a great start on your first 5% to 15% of expected production.
Good afternoon,
Corn and soybeans both moved higher. December corn last trade was 478^2 up 1^0. January soybeans last trade was 13.89^6 up 7^2. We had export sales to Mexico this morning for the 2023/2024 marketing year. This is much needed business to help reduce our growing corn balance sheet. Soybeans pushed higher closing in on our September highs of 14.20 basis the January soybean contract. Where do we go from here? If we can keep bullish news front and center, I could see us going over the 14.00 futures mark during this week. If we post a Friday close over 14.00, I could see us drifting to the highs made in July of this year. What should I be doing if I have unsold soybeans? I would look at risk reward to your operation and put in offers because some of our highs have been made during the night session.
The corn story is a little softer than I would like to see post WASDE report. We have been struggling to close over 4.80 December futures. Our next upside targets are 4.85 to the 4.90 range. I would suggest having targets ready to go in corn as this market could push higher during an overnight weather scare. I have set my eye out in December of 2024 corn. Right now, we have been holding the 505 to 5.18 range. I would have order scaled up from 5.25 to 5.35. I think this would be a great start on your first 5% to 15% of expected production.