Grain > Commentary > 11-18-2022

11/18/2022

Nov 18, 2022

11/18/2022
Soybeans go into the weekend with a solid bounce of 10-11 cents higher out into the August 2023 contract. Corn finished mixed, scattered from 1 lower to 1 higher, struggling to stray further than a couple cents from unchanged but managed to end the week just fractionally above the 200-day moving average on the front month chart. With next week likely seeing some light volume due to the holiday, the trade algorithms might see today's close as a buy signal and use the thin trade to push the corn market easier. Overall, today was slow for trade, there were no big headlines, reports, or USDA sale announcements to stimulate any fundamental moves. For the week, December corn finishes 8'4 cents up and January soybeans give up 21 cents.

Soybeans continue their long term consolidation between the June highs and July lows, finding trendline resistance and support this week. The breakout from this pattern will be large.
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