MarketEdge PM Comments
Oct 03, 2023
(Cody Forde)
Good afternoon, corn and soybeans both rallied back from turn around Tuesday to end only slightly lower. December corn last trade was 487^6 down 1^0. November soybean last trade was 1274^4 down 2^4. Both are trading at technical levels of interest. I would like to see Dec corn close above 490 this Friday to see if we can push back into the 5.02 to 5.14 range. We had some nice flash sales this morning in soybeans and wheat. Exporters sold 265,0000 tons of soybean to China and 220,000 tons of soft red winter wheat.
Soybeans, on the technical side, I am watching 12.55 as level of strong support. If we close below 12.55, we could have a trip down to 12.00. On the flip side, I would like to see a close above 13.00 dollars on Friday to push the complex higher. As you are thinking of what to do with harvest bushels, I would keep a keen eye on basis levels and carry opportunities.
Good afternoon, corn and soybeans both rallied back from turn around Tuesday to end only slightly lower. December corn last trade was 487^6 down 1^0. November soybean last trade was 1274^4 down 2^4. Both are trading at technical levels of interest. I would like to see Dec corn close above 490 this Friday to see if we can push back into the 5.02 to 5.14 range. We had some nice flash sales this morning in soybeans and wheat. Exporters sold 265,0000 tons of soybean to China and 220,000 tons of soft red winter wheat.
Soybeans, on the technical side, I am watching 12.55 as level of strong support. If we close below 12.55, we could have a trip down to 12.00. On the flip side, I would like to see a close above 13.00 dollars on Friday to push the complex higher. As you are thinking of what to do with harvest bushels, I would keep a keen eye on basis levels and carry opportunities.
- The E-Mini S&P 500 dropped 63.25 points to settle at 4261.00
- Crude oil gained 61 cents to settle at 89.43 per barrel
- December live cattle slid 2.5 CWT to settle at 185.850