MarketEdge PM Comments

(Allison Ryan)
 
Corn trended slightly higher, contradicting both wheat and beans. December corn was up 2½ and December ’24 was up 3. November beans were down 19 and November ’24 was down 9¾. Wheat was also down 2-4.
 

• The Mississippi River levels continue to remain at record lows, causing logistical issues; parts of the Central Plains are forecasted to get showers through the weekend and could potentially help out the situation, with 1-4” inches forecasted
• Many wonder if exports will be cut on tomorrow’s report due to low river levels and lack of shipments (especially beans) through the Gulf
• The uncertainty of what the USDA is projecting for yields pushed corn slightly higher today- average trade guess is slightly lower
• Despite two flash sales of beans announced this morning, one to China and one to unknown destinations, the bean board was down double digits
• Last week’s unexpectedly high bean export inspections were corrected today, lowering them- driving this bean market lower
• Tomorrow’s WASDE report comes out at 11- visit with your originator to get offers running through the day on some target prices
• The Dow was down slightly, crude was also down, and the Dollar was firmer

Have a great night.