11/30/2022

Soybeans solidify their move higher, setting fresh 60-day highs while the market appears it wants to keep marching up towards a potential test of resistance near the $15.00 level on the January chart.  Yesterday, corn matched its high mark from the past two weeks but follow-through buying today was stagnant/non-existent and corn was unable to capitalize on the strength in soy and wheat.  Today's solid gains in wheat were a surprise considering the fast improvement in the winter wheat conditions.  Corn spent the month of November consolidating between the 50- and 100-day moving averages.  We were able to hold a key support level at 650'0 halfway through the month and we have a slow, short-term trend higher developing off of that support.  Lending overall support to commodities today was the U.S. House of Representatives backing a bill that would impose legislation and prevent the rail unions from striking.  Weekly ethanol data showed a decrease in output of 23,000 barrels/day to 1.018 mln bpd and stocks increasing 100,000 barrels to 22.93 mln bbls.