MarketEdge AM Comments

Nov 01, 2023


(Phil Knuth)

Good Morning.  Corn and soybean futures stayed close to unchanged overnight.  December corn finished the overnight session up ¾ of a penny, settling at 4.7950.  January soybeans were up a half of a penny, settling at 13.11.  In the outside markets, as of 7:45am:  The US Dollar Index is up 180 points, trading at 106.847.  December crude oil is up $1.79, trading at $82.81 per barrel.  Precious metals are mixed.  Industrial metals are lower, except copper.  The Electronic Mini-DJIA is off 48 points, trading at 33,087.  The overnight session, once again, featured dismal trading volume due to a general lack of new fundamental news and continued harvest pressure.  Corn and soybean futures remain hopelessly range-bound at this time.  Futures need some sort of demand story to kick them into gear and force them out of recent trading ranges.  Perhaps we will get that next week with the release of the November WASDE Report on Thursday, the ninth?  We will have to wait and see.  Until then, traders will continue to keep an eye on South American weather, flash sales announcements, and weekly Export Sales Reports.  Yesterday, the funds bought 2000 contracts of corn, bought 2000 contracts of soybeans, and sold 4000 contracts of wheat.  They are now estimated to be net short 104,520 contracts of corn, net long 3820 contracts of soybeans, and net short 109,710 contracts of wheat.  From a chart perspective, December corn faces initial resistance at the overnight high, 4.80, followed by 4.8425, the double-high charted on Monday and Thursday, and then the psychological 5.00 mark.  Initial support lies at 4.7750, the triple-low charted yesterday, Monday, and Thursday, followed immediately by 4.7675, last Wednesday’s low, and then the two-year-plus contract low charted on September 19th, 4.6775.  January soybeans face initial resistance at the overnight high, 13.1450, followed by 13.3125, Monday’s high, and then 13.34, the one-month high charted on October 20th.  Initial support lies at the psychological 13.00 level, which was also yesterday’s low, followed immediately by 12.9750-12.99, which contains the lows from everyday last week aside from Monday, and then 12.7025, the double-low charted on October 11th and 12th which is also a four-month contract low.  Opening calls are steady/mixed.
 
Have a great Wednesday.
 

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Nov 01, 2023
Grains were mixed, with corn down and beans up.
Oct 31, 2023
Corn and soybeans both traded higher today.
Oct 31, 2023
Corn and soybean futures were mixed/slightly lower overnight.