MarketEdge PM Comments
Oct 31, 2023
(Cody Forde)
Good afternoon,
Happy Halloween! Corn and soybeans both traded higher today. December corn last trade 479 up 0^6 on the day. January soybeans last trade was 13.11^4 up 4^2. Overall, the grain market had a quiet day of trading. We had an export sale of 239,492 tons of soybeans to Mexico for 2023/2024 delivery. I would look for more export to pick up during the following months. On the corn trade we have been chopping around in a steady range. We had a high of 5.09 on the last run up and couldn’t break through. Then traded back down to the lower end of the range without making a new low. This gives me a little bit of hope that we can start to trade higher in the next coming weeks. If we can get a Friday close above 5-dollar December corn, I would target our last high of 5.09 followed by 5.25 where our gap still remains. I also like looking out on December 24 corn where we have a lot of opportunity. I am hopeful we can trade up into the 5.20 to 5.25 range over the next several months. If you have not made any sales yet out there, I would consider putting an offer in just in case it would get picked up in the night session. On the soybean side I am watching for January futures to push higher above the 13.25 mark. I would like to see a Friday close above to spark new buying as the funds have become neutral on the soybean market.
Good afternoon,
Happy Halloween! Corn and soybeans both traded higher today. December corn last trade 479 up 0^6 on the day. January soybeans last trade was 13.11^4 up 4^2. Overall, the grain market had a quiet day of trading. We had an export sale of 239,492 tons of soybeans to Mexico for 2023/2024 delivery. I would look for more export to pick up during the following months. On the corn trade we have been chopping around in a steady range. We had a high of 5.09 on the last run up and couldn’t break through. Then traded back down to the lower end of the range without making a new low. This gives me a little bit of hope that we can start to trade higher in the next coming weeks. If we can get a Friday close above 5-dollar December corn, I would target our last high of 5.09 followed by 5.25 where our gap still remains. I also like looking out on December 24 corn where we have a lot of opportunity. I am hopeful we can trade up into the 5.20 to 5.25 range over the next several months. If you have not made any sales yet out there, I would consider putting an offer in just in case it would get picked up in the night session. On the soybean side I am watching for January futures to push higher above the 13.25 mark. I would like to see a Friday close above to spark new buying as the funds have become neutral on the soybean market.