11/10/2023

Corn spent all of Friday in lower trade with the December contract trading nearly 7 cents lower before finding some late session buying interest and gutting it out to lose 4 on the day. Soybeans looked weak for most of the day but pulled it together after the mid-day point to finish mixed, with the front months out to the July 24 contract ranging from fractional-5 cents higher. There were no flash sales today but the USDA made a huge sale announcement yesterday morning prior to the WASDE report that included 1,044,000 tonnes of soybeans to China and 662,500 soybeans to unknown. Current export demand and U.S. production is likely priced into the market for soybeans for now. We will need to see conditions degrade in South America to mount another charge towards $14. Corn continues to trend lower but price action tells us that there is buying interest. Downside is becoming limited and patience marketing the 2023 crop should be practiced. If the bears get Thanksgiving, the bull typically gets Christmas. With the U.S. corn carryout increasing, Dec 24 HTAs anywhere above 500'0 should be strongly considered.

HUGE reversal higher in oats to end the week. May be a signal of changing momentum in corn.