11/1/2022

Soybeans lead the move higher today following an election result in Brazil that could move its government from "far-right" to "far-left."  With the incumbent unwilling to concede the election inside of a soy producing powerhouse, the market was nervous.  Also, crusher bids have strengthened significantly this week despite soybean oil and meal not following the sharply higher move in soybeans.  We now have a bit of competition between exporters and crushers for bean ownership.  Corn rode the coat tails of strength in soybeans.  Still was not able quite reach and break through the $7.00 level on the front month but finished near the highs today.  Insurers have halted coverage of vessels hauling grain out of Ukrainian ports which will essentially shut down exports out of the country.