MarketEdge PM Comments

Oct 18, 2023

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.

Read More News

Nov 01, 2023
Grains were mixed, with corn down and beans up.
Nov 01, 2023
Corn and soybean futures stayed close to unchanged overnight.
Oct 31, 2023
Corn and soybeans both traded higher today.