Grain > Commentary > 11-14-2023

11/14/2023

Nov 14, 2023

Persistent buying resulted in higher finishes in corn and soybeans following Monday's strong move.  After spending most of the overnight in lower trade, the 8:30 re-open brought with it more buying as trade wants to put some extra weather premium into the market with concerns on South American growing conditions.  This is the opportunity we have been expecting in soybeans but we should never bet on a drought in the rain forest.  Brazil has added a lot of production area and to be trading Brazil weather in November is like trading U.S. weather in June.  We had another sale announcement this morning with the USDA confirming 101,745 tonnes of corn for delivery to Mexico during the 2023/24 marketing year.  Corn trade looks even more encouraging with today's follow-through buying after a huge reversal higher yesterday.  Soybeans continue to climb away from the harvest lows, setting a fresh 2-month high today.  There should be a nice opportunity for pricing corn between today and the start of 2024.  When that time comes, sales for the 2024 crop should be considered at the same time.

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