November 17, 2023 Grain Commentary
Market Re-Cap 11/17/23
South America is still the topic of discussion today. Beans were the strength in the grains and oilseeds markets. Now, with rain moving into the forecast, the market has softened.
Corn– Dec corn lost 6.75 cents today, barely holding the 4.67 ¾ support at 4.68. March lost 7.25 cents to 4.86. May 24 closed below 5.00 at 4.96. Corn is on the defensive as they come into election weekend for Argentina. There have been several promises throughout the campaigns for exports that will make Argentina the most advantageous market, directly affecting the corn.
Beans– Double digest losses across all contracts in beans today. January beans lost 16.25 cents, settling at 13.40 ¼. Bean production for Brazil and Argentina is estimated at 211 million metric tonnes for the 2023-24 crop year. This is up from 183mmt in the previous year. The weather could impact yield; however, with that significant year to year rise in production, it will take a lot to change the overall sediment of the market.
Wheat– SRW wheat closed 1cent lower at 5.52 ½. Western Australia wheat production estimates are declining to 7.85mmt. French wheat production is also diminishing, 25% behind the average planting pace. India’s planting pace is also behind due to a delayed rice harvest. All the lower production projections did not outpace the steady lack of demand.
The DeLong Co., Inc.
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