November 22, 2023 Grain Commentary
Market Re-Cap 11/22/23
Wishing you a safe and happy Thanksgiving.
Mixed markets throughout the day. Beans traded on both sides of the market. Corn traded neutral. Wheat had another positive close. Markets are closed until Friday at 8:30 am. Friday will trade from 8:30-12pm, closing an hour early.
Corn– Corn had little action, trading in the tightest range today. Each contract lost 1.5 cents through new crop 24. This even change is holding the wide carry. A lack of stimulating news fueled the meek trade in corn.
Beans– Beans close within cents of the low. Both meal and oil closed lower as well. The morning announcement from ADM led the markets lower as Direct of South America said Brazilian weather is concerning, but a record harvest is still expected.
Wheat– December wheat took out the contract high but did not close there. The support came from an uptick in export sales. Ukraine exports slide lower than the 2022 marketing year. Corn is down 35%, while wheat is down only 13%. Ukraine’s food shipment has also declined by 5% since the Polish trucker blockade.
The DeLong Co., Inc.