MarketEdge PM Comments

Oct 20, 2023

(Taylor Bensenberg)
Good afternoon, the grain markets finished the day lower with corn down 5-10 cents and beans lower by 2-13 cents.  November soybeans managed to stay above $13.00 at $13.0225 to close the week, but December corn was unable to hold above $5.00, closing a $4.9550.  For the week nearby December corn was up 2 cents and November soybeans were up 22 cents.
  • We are seeing increasing interest in U.S. exports which is supporting the market. 
  • Also aiding the market is bull spreading and technical buying. 
  • Brazil's soybean planting progress will likely impact the market in the next couple of weeks since global bean stocks are tight.
  • Next level of corn resistance is around 5.1125 and beans around 13.17-13.24.
  • The Amazon River is at its lowest level in over a century which is halting some grain shipments in Northern Brazil. 
  • The El Nino weather pattern is predicted to last through mid 2024.
Have a great weekend! 

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Nov 01, 2023
Grains were mixed, with corn down and beans up.
Nov 01, 2023
Corn and soybean futures stayed close to unchanged overnight.
Oct 31, 2023
Corn and soybeans both traded higher today.