MarketEdge PM Comments

(Allison Ryan)

Grain continues it’s fourth day down after corn broke out of its trade range to the upside last Thursday. December corn was down 4, and December 24 was down 3. November beans were down 7, and November 24 were down 2½.
 

• Parts of South America are getting some much needed rains, putting pressure on the bean market
• A flash sale to China was announced this morning, but the bean market did little to respond to this news
• Harvest is progressing quickly in the US, not providing much support
• Some parts of the Midwest are forecasted to get some moisture through the weekend, slowing down harvest
• The lack of news this week has kept the buyer of grains inactive, contributing to the red day
• Farmers are keeping a tight fist on bushels with the futures where they’re at- in areas that harvest is wrapping up, you are seeing some improvement on basis trying to get some movement; visit with your originator to put a plan together for stored bushels this upcoming year, as well as look at locking in some margin for 2024
• The Dow was lower, crude was higher, and the Dollar was firmer

 
Have a great evening.