Nov 03, 2023

Soybeans surge with gains of 17-23 cents and corn follows to improve 6-7 cents to close the week. Highs in soybeans were set during the final minutes of the session. Trade was quiet overnight with soybeans and corn keeping within a couple pennies of unchanged until outside markets brought money flowing into grains. A poor October jobs report sent treasury yields plunging and weakened the dollar index which triggered chunk buying of commodities. After a quick pullback, momentum buying advanced the market further to the upside. The USDA announcing 131,150 tonnes of soybeans for delivery to unknown during the 23/24 marketing year likely helped convinced trade that this move was warranted. December corn held just above the very important September low and completed an outside reversal higher. Trade held firmly higher through the session, giving a positive outlook going into trade next week.

A strong leg higher on the soybean charts today. The Jan 24 contract surpassed a trio of technical points today and now lies above moving averages after completing a 50% retracement to the July high. We have had several conversations over the past month with growers where we pinpointed today’s trading area as a spot to price bushels in town. With the strong action today, the door has cracked open to the possibility of $13 soybeans.

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