November 21, 2023 Grain Commentary
Market Re-Cap 11/21/23
Tomorrow is the last regular trading day of the week. The market will be closed for Thanksgiving and have an early close on Black Friday. On the shortened Friday, December options expire. Excitement rolled through the grains and oilseeds today, but some gains faded by the close. Corn, beans, and wheat each closed higher for the day.
Corn– Corn saw its most significant gains in the morning, which tapered off at the close. December corn is close unchanged at 4.70, March pick up 1.25 cents at 4.89, and May up 2 cents at 5.00. Corn is its widest carry in contract history.
Beans– Beans had the most comprehensive range, peaking with over 20c but only keeping 8 cents. January contract settled at 13.7725, March at 13.93 and May at 14.04. The spread for beans closed unchanged for the day. Soyoil took out yesterday’s highs. Brazil’s weather model has shifted wetter for the next two weeks.
Wheat– Wheat rebounded off its 27 month low today, showing some technical support. World buyers were more active today. Reports of a missile strike on Odessa also fueled the rally today.
Below is a a chart of the historical trade on the day before Thanksgiving. In the 10 years corn traded higher only 5 of the years, beans traded higher 5 of the years, and wheat is the only higher 3 of the last 10 years.
The DeLong Co., Inc.