November 16, 2023 Grain Commentary
Market Re-Cap 11/16/23
Markets are bracing for the potential unrest in Argentina as elections approach. Today, markets were mixed for grain and oilseeds as corn rebounded to close higher and beans suffered significant losses. Wheat also traded lower, caught between corn and beans.
Corn– Corn was shaping up for a rough day in the morning trade but reversed and closed higher. Corn export sales came in better than expected, with 71.2 million bushels contact for the current marketing year. The export sales this week were 1.5 times better than the previous week.
Beans– Today, beans saw its worst day in futures since July, losing 25c. The proceeding contract saw a 15 to 25 cent loss today as well. Meal was tracking lower but recovered some of its losses but closed lower. Weekly export sales for beans were big, contracting 144.0 million bushels. Not only were the sales the largest week this year, it is probably the best sales week recorded. Adding to the pick up in bean demand was a new sale of beans to Unknown destination.
Wheat– Ukraine has seen a sharp decline in exports to Asia and Africa due to unsafe travels on the black sea. Even with the decline in Ukraine, the US demand is not picking up. In the weekly export sales report, wheat booked 6.5 million bushels, which was below expectations. Heavy rains in France and Germany led to a decline in estimated wheat production in the coming harvest.
The DeLong Co., Inc.
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