Grain > Commentary > 11/24/2021

11/24/2021

Nov 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

Jan 26, 2022
The soy complex carried corn and oats today with beans, meal, and oil all making strong moves higher. A lot of speculation that some export business was completed with CIF bids seeing double digit...
Jan 25, 2022
Steady overnight trade left corn and soybeans slightly higher going into the coffee break. Commodities were the hot ticket today after yesterday's wild ride in the stock market and indexes...
Jan 24, 2022
Markets started the overnight stronger but traded largely weaker heading into the coffee break after trade verified some beneficial rains in South America.  The USDA made an 8 am announcement...