MarketEdge PM Comments
Nov 16, 2023
(Sam Bair)
Good evening,
Markets are mixed after today's session. December corn futures are up 4^0 closing at 474^6, and March corn futures are up 4^6 closing at 493^2. January soybean futures are down 24^6 closing at 1360^2, while March bean futures close at 1375^0 down 24^4. Wheat finishes in the red.
Good evening,
Markets are mixed after today's session. December corn futures are up 4^0 closing at 474^6, and March corn futures are up 4^6 closing at 493^2. January soybean futures are down 24^6 closing at 1360^2, while March bean futures close at 1375^0 down 24^4. Wheat finishes in the red.
- South American rain chances look to be more likely, adding a ton of pressure on Soybeans today, as CBOT continues to trade South American weather.
- Bean Meal and Oil were both down today adding additional pressure.
- Last week’s Corn export sales came in at 1.808MMT well above expectations of 900k-1.55MMT helping corn rally towards the end of the day.
- Last week's Soybean export sales were very strong but as expected, coming in at 3.918MMT, where expectations were 2.9-4.5MMT
- Be sure to roll Dec Corn HTAs to if you don’t need the bushels to core bins, currently the carry to the March is 18.5c and the carry to the May is 28.75c.
- I’m looking at the ’24 corn crop as Dec ’24 closed at 515^6 today 41 cents higher than what Dec ’23 is finished at, with a 2.156-billion-bushel carryout already these might be levels we need to be moving on.
- Livestock were mixed today with Hogs trading in the green, while Cattle were lower.
- The Dow Jones index and U.S. Dollar finished lower, while the S&P500 and Nasdaq finished higher.