Tuesday Afternoon Comments (11/21) Corn futures closed unchanged in the Dec. while the next 3 months were only down a ¼ cent. Dec. was trying for a higher close for three sessions in a row, but will have to settle with two higher closes and an unchanged. The corn market was initially lower as the fundamentals continue to keep a lid on prices. Short covering by the massive fund net short position has supported the market in recent days and was able to pull corn back to steady by the close. Corn harvest progress was estimated at 90% complete vs. the average of 95%. The weather across the cornbelt looks fairly open for the next few days, which means progress should be able to finish up in many areas. Good weather in Brazil and improving weather in Argentina is also a negative for prices. Ethanol numbers will be out tomorrow. The USDA is expected to release their updated 10-year baseline projections next Tuesday. Support for Dec. corn is near $3.40, while resistance comes in near the 20-day moving average of $3.45 ½.
Soybean futures closed down a penny today with only a 5 cent range seen today. Jan beans traded back over all the major moving averages recently and that has provided support to futures this week. The managed money continues to be long bean futures and seem content to stay there. Resistance is tied to good Brazilian weather and improving Argentina weather. Soybean and corn planting is moving along fairly nicely in South America. Dry weather remains a little bit of a concern in Argentina but the forecast over the next few days suggest some relief is coming. The USDA is expected to release its updated 10-year baseline projections next week.
7-day precip forecast (Nov 21-Nov 28)
Comments from Mid-Co Commodities
By failing to prepare, you are preparing to fail. Benjamin Franklin
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