11/24/2021

Nov 24, 2021


11/24/2021
A volatile day in Chicago with corn trading a 14-cent range and soybeans seeing an 18-cent range.  Corn and soybeans traded higher for most of the overnight and traded around 10 higher early into the day session before free falling into the red for the day.  This morning, the USDA announced the sales of 330,000 tonnes of soybeans to unknown and 100,000 tonnes of corn to Mexico, both for the 2021/22 marketing year.  It’s good to see some flash sales but the export market seems incredibly quiet. With a record yield and second largest production in corn, the market continues to trade something beyond the US balance sheet.  Similar story in beans where forecasted ending stocks are definitely not tight.  China business is extremely minimal with only 4 US cargoes purchased for November; market wants to look the other way right now but we will trade these sluggish export numbers at some point.  Wheat trade has pretty much turned into a casino/lottery environment with the money coming in now is mostly all spec trade and the group that’s afraid of missing out.  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.   We wish you and your family a Happy Thanksgiving!

With December 2021 corn closing in on first notice and options expiry, we begin to look at the March 2022 corn contract for direction.  The market has found some solid resistance at the 62% retracement level.
corn-chart.jpg

Read More News

Apr 24, 2024
Profit taking was the feature of corn and soybean trade after corn rallied 20 cents and soybeans rallied 46 cents over the past week.  Spread correction was also seen today with May price spreads widening back out 1-2...
Apr 23, 2024
After struggling a bit on the tail end of overnight trade, corn and soybeans traded steady higher and looked their most firm heading into today’s close. After chugging higher for a third consecutive day, we viewed some more...
Apr 22, 2024
Some really nice follow-through after Friday's recovery resulted in some key technical signals for trade. Each pullback throughout the day was met with some fast buying. Corn and soybeans followed wheat's lead. Wheat...