Grain > Commentary > 11/23/2021

11/23/2021

Nov 23, 2021

Trade was two-sided and choppy in corn and soybeans.  Wheat posted another strong day of double-digit gains, supporting the corn to finish modestly higher on the day.  Weaker board crush margins pushed beans lower.  Mostly recycled news to trade today with the board looking like we may already be in holiday mode with daily ranges narrowing.  Weekly crop progress showed corn harvest was up 4 points to 95% complete, ahead of the 5-year average of 92%.  Soybean harvest was also seen at 95% complete, compared to 92% last week and the 5-year average of 96%.  For those interested, winter wheat planting and emergence were 96% and 86%, respectively, basically on pace with their 5-year averages.  A little chatter around the market today that Brazil was "more dry than wet."  Most likely just talk from traders trying to help their position.  If we learned anything this year, it’s that "more dry than wet" produces a fine crop.  Argentina appears to the beneficiary of some sizeable rains over the next few days.  Reminder: Glacial Plains will be closed Thursday and Friday (Nov. 25 and 26) for Thanksgiving. Grain markets will trade a short session on Friday from 8:30am to 12:30pm, we can work a sell order for you that day if you like.  With many traders on holiday, smaller volume creates the potential for some wildly volatile market conditions.  Sometimes the crazy orders get hit but only if they are working.

Front month for corn and soybeans are consolidating following a post-WASDE rally.  Today was the highest close on Dec 21 corn since late June.
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