Grain > Commentary > 10-27-2023

10/27/2023

Oct 27, 2023

Corn and soybeans end the week with a stronger tone.  Corn finished 1-2 cents higher on the day after ticking up as much as 5 cents.  Soybeans flourished with double-digit gains.  November breached the 1300 threshold, once again, before settled just below at 1297'2, up nearly 18 cents on the day.  The buzz around the market today was rumors of China cancelling Brazil sales and U.S. exporters looking to subsidize some freight in an attempt to draw out some commercial sales.  A risk premium was also added into the mix today following an increase in U.S. military action overseas.  Corn futures have held surprisingly well considering the harvest pace and yield reports.  If we are able to maintain our current 3-month trading range in corn, a seasonal post-harvest rally could provide some attractive cash corn prices but we should also expect that opportunity to be short-lived.

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