MarketEdge PM Comments
Nov 01, 2023
(Allison Ryan)
Grains were mixed, with corn down and beans up. December corn was down 3¾ and December ’24 was down 1¾. January beans are up 4¼ and November ‘24 were up 1½.
Grains were mixed, with corn down and beans up. December corn was down 3¾ and December ’24 was down 1¾. January beans are up 4¼ and November ‘24 were up 1½.
- Fall insurance levels are established- corn finished at $4.88 and beans at $12.84, both down from spring prices of $5.91 and $13.76
- There are new expanded limits on the board- corn limit is now 55 cents and bean limit is now $1.45
- The Feds left the interest rates unchanged, which was expected
- A little harvest pressure pushes corn lower, taking out key support after trading only a two cent spread on the overnights; corn hit a seven week low today
- Some rumors about China buying beans pushed the market higher, taking an interest in Gulf prices for Nov-Jan timeframe
- Soybean meal continues to flirt with contract highs, also aiding a little in pushing beans higher today
- The Dow was up, crude was down, and the Dollar was firmer
- Visit with your originator about locking in profits for ’24 crop, and establish a plan and offers for unpriced bushels