MarketEdge PM Comments

(Allison Ryan)

Corn and beans came back this afternoon- beans closed higher today after trading most of the day in the red. Corn was mostly steady. Nearby corn was up ½ cent, while December was down ¼ cent. March beans were up 3½, and new crop up was up 2½. Wheat was down roughly 10 cents.
 

• The Feds wrapped up meetings and indicated that we have peaked as far as interest rates are concerned; we shouldn’t see any increases for the foreseeable future and they are still hoping to cut back on interest rates early in 2024
• Late technical buying spurred the beans to higher, pulling corn somewhat with it
• Ethanol production was still below the one million per day threshold, although improved output from the week before
• China’s economic woes continue to ail our grain markets; as much as we’d like to think their economy doesn’t affect ours, it’s something to watch here the next few months
• The US is $2 more expensive than South American on our bean offer, whereas on corn we’re still competitive
• Tomorrow starts the February averaging for crop insurance purposes
• The Dow was lower, crude was also down, and the Dollar was softer

 
Have a great evening.