MarketEdge PM Comments

Afternoon Comments
(Allison Ryan)

Grains closed higher today, with beans leading the pack. December corn was up 3, and December ’24 was up 1¾. November beans were up 14¼ , and November ’24 was up 6. Wheat was also up 5-10.

• Beans were up double digits today, watching South American weather; Brazil is delayed a bit in planting due to drought in the Mato Grasso region
• The November board closed above the $13 mark, which should provide some support
• The Mississippi River continues to hit record lows on water levels, contributing to export issues through the Gulf
• Bean basis improved across much of our trade area today
• Corn basis is steady to weaker as the Corn Belt gets into the thick of harvest
• The December corn market has traded within 30 cents since the beginning of August- if we can break to the upside of $5, we may continue to get some support
• Visit with your originator to get offers in for unpriced bushels, if we do happen to get a rally, and considering eliminating some risk for ’24 crop as we lock in our inputs for next year
• China and Russia have established a large supply agreement between the two, essentially doubling grain exports from Russia into China over the next 12 years
• The Dow was down, crude was higher, and the Dollar was firmer

 
Have a great night.