Market Outlook Meeting Wed. Dec 3rd at the Allin Twsp Building @ 8am
Friday Morning Comments (11/21) Good Morning. It is another quiet news days and the market is reacting accordingly. Soybeans are seeing some follow through buying from yesterday’s close, while corn and wheat struggle to hold unchanged. The dollar is challenging the recent highs this morning which will try to limit any grain rally attempt today. December options expire today. First notice day for Dec. futures is next Friday, which will be somewhat complicated by the Thanksgiving holiday. A cattle on feed report will be released at 2 p.m. today. Expectations are for on feed numbers to be near and/or slightly less than a year ago. Placements are expected to be down 4% from a year ago. Ethanol futures were sharply lower on Wednesday (down 18 cents), but have since recovered. Ethanol has been on a sharp recovery since the first of October and is now priced above gasoline. This price relationship is not advantageous to ethanol plants. Harvest is mostly done in Illinois with the exception being the far northern counties. Temperatures do warm up this weekend, but brings with it some very likely chances of rain. Freezing rain is expected tonight. Temps do cool down again into next week’s holiday. Other news is fairly quiet. The seasonal chart for corn shows a small uptick during the Thanksgiving trade, before drifting lower once again in the first part of December. Producer activity and basis news remains quiet this week. Have a nice weekend.
Comments from Mid-Co Commodities Have a good & safe day.
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