November 7, 2023 Grain Commentary
Market Re-Cap 11/7/23
Major sell-off in crude pushed grain and oilseed markets lower. Crude lost over 6% at one point today but is currently 4.5% lower. Corn traded lower for the entire day. Beans traded both sides, starting with a 10+ gain, and then pressure from corn rubbed off on beans close lower for the day. Also holding markets back is the lovely stretch of harvest weather for the extended forecast.
Corn– So much for steady corn. December corn opened at 4.77 but pushed lower, closing at 6.69, holding support at the 6.67 low from the previous week. Brazil’s corn production has been increased, but it still projected to smaller than the last crop.
Beans– Cargos shipping to China, yield shifting lower seemed like solid support for the beans, reflected in the morning trade. However, the pressure from crude and corn led beans to give back the gains, closing lower. Despite beans disappointing meal reached and kept new highest.
Wheat– SRW Wheat trades both sides of the open with a 17c trade range. Due to the lack of demand for US wheat, pushing a record low, wheat closed lower. There were some sales today, but the origin is likely black sea.
The DeLong Co., Inc.