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.
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.