Grain > Commentary > 12-19-2023

12/19/2023

Dec 19, 2023

Soybeans and corn both lower as we lack anything fresh and old news once again churns through the market.  The soybean market continues to discount the poor weather and conditions in Brazil as the overall production estimates still remain well above last year's production.  Corn continues in a narrow, range bound pattern, burdened by a large U.S. carryout and stocks-to-use ratio.  Crop scouts and agencies have stubbornly left corn production estimates for South America unchanged for the most part.  With less than 2 weeks remaining in the calendar year, it feels like trade has shut it down until we enter 2025 unless some type of market surprise happens.  The USDA did confirm another soybean sale this morning.  The announcement was for 132,000 tonnes of soybeans to unknown for delivery in the 2023/24 marketing year.

Reminder: Glacial Plains will be closed on Monday, December 25 for Christmas.

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