Grain > Commentary > 11-22-2023

11/22/2023

Nov 22, 2023

Once again, soybeans were the price leader but trade was in heavy risk-off mode in soy.  Corn and soybeans bounced around between 1-3 cents lower overnight before selling took over after the morning break.  Rains materialized in spots across Brazil and private sources suggested record production in the country is still likely.  The internet is great for showing us the very best and the very worst of the Brazil soybeans, much like what we see across the states during the U.S. growing season.  Corn briefly traded 3 higher before ending the day before settling 1 lower down the board on the day.  The USDA announced two export sales this morning: 110,000 of soft red winter wheat to China and 128,000 tonnes of corn to unknown, both for delivery in the 2023/24 marketing year.  Weekly ethanol data showed a drop in production of 24,000 barrels/day to 1.023 mln/bpd and stocks rising 700,000 barrels to 21.7 mln barrels.  Both of these figures were negative and on the outside of trade expectations.  

Reminder:  Glacial Plains will be closed on Thursday and Friday for Thanksgiving.

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11/14/2025
Nov 14, 2025
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9/12/2025
Sep 12, 2025
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8/21/2025
Aug 21, 2025
Today the market ran higher on rumors for positive SRE announcements coming soon.  Bean oil was up over $2.  Beans finished the day up 20 cents at 10.56 Nov futures.  There is a chance we could make a run at the 10.74 Nov highs from back in June.  If we get there, I am a seller.  Bean basis remains in the garbage, so a run higher in futures doesn't help that either.  We still don't have a trade deal, so I think any rally is short lived at this time.