MarketEdge PM Comments
Sep 26, 2023
(Cody Forde)
Good afternoon, corn and soybean had a mixed day with a macro market sell off. December corn last trade 476^4 down 1^6 on the session. November soybeans last trade was 1304^0 up 6^2. The market is in a holding pattern waiting for more yield data and the quarterly stocks report. We need to see December corn close about $4.87 and move towards the five-dollar mark. If we can’t, we are at risk of sliding lower. Seasonally, we should be making a low in the coming weeks. Soybeans are trading at the lower end of the range and are at risk of breaking lower if we settle below $12.80.
Good afternoon, corn and soybean had a mixed day with a macro market sell off. December corn last trade 476^4 down 1^6 on the session. November soybeans last trade was 1304^0 up 6^2. The market is in a holding pattern waiting for more yield data and the quarterly stocks report. We need to see December corn close about $4.87 and move towards the five-dollar mark. If we can’t, we are at risk of sliding lower. Seasonally, we should be making a low in the coming weeks. Soybeans are trading at the lower end of the range and are at risk of breaking lower if we settle below $12.80.
- E-Mini S&P 500 dropped 67.50 points to settle the index at 4311.25.
- Crude oil rallied 85 cents to settle at 90.53.
- December live cattle dropped 2.700 cwt to settle at 188.525
- Gold sold off losing 17.6 per OZ to put the contract at 1918.9