MarketEdge PM Comments
Oct 17, 2023
(Cody Forde)
Good afternoon,
Corn and soybeans played on opposite sides of the court. November soybeans last trade was 12.97^6 up 11^4. December corn last trade was 4.88^6 down 1^2. Today has been a quiet news day for grains and most action was technical in nature. Soybeans traded up and over the psychological level of 13.00 but then backed off into the close as traders took profits. If we can close above 13.00 on Friday, I would watch for a continuation up to 13.30, followed by 13.50 with 13.50 being stiff resistance. Basis levels have been improving for beans as barge freight has been falling over the last week. This has given everyone a nice opportunity to lock in fall basis or carry in the market. One highlight I would like to mention is that the November to July soybean spread is sitting around 50 cents. This looks to be a great opportunity to roll HTA’s to the July contract if you plan on storing grain on the farm.
Good afternoon,
Corn and soybeans played on opposite sides of the court. November soybeans last trade was 12.97^6 up 11^4. December corn last trade was 4.88^6 down 1^2. Today has been a quiet news day for grains and most action was technical in nature. Soybeans traded up and over the psychological level of 13.00 but then backed off into the close as traders took profits. If we can close above 13.00 on Friday, I would watch for a continuation up to 13.30, followed by 13.50 with 13.50 being stiff resistance. Basis levels have been improving for beans as barge freight has been falling over the last week. This has given everyone a nice opportunity to lock in fall basis or carry in the market. One highlight I would like to mention is that the November to July soybean spread is sitting around 50 cents. This looks to be a great opportunity to roll HTA’s to the July contract if you plan on storing grain on the farm.