11/27/2023

Corn and soybeans begin the week down as lower continues to be the path of least resistance. Grains as a whole were largely weaker with wheat double-digits lower and corn finishing with 5-7 cent losses and new 2 1/2 year lows. Soybeans ended the day mixed, within 1 cent of either side of unchanged. The biggest market mover has been the rains that materialized in Brazil over the holiday and weekend and brought good amounts of much needed moisture to some major producing areas but there are still some parts of the region only received light amounts. Soybeans have been their own market since harvest and we saw some excellent export demand develop earlier this month. Corn end-users and exporters appeared to find a couple months of coverage fairly easily during harvest on better than expected yields. Corn has been a follower and really needs its own story to develop. Corn demand should improve in December and any sort of issue in South America could see pricing goals met quickly.