BOTH FACILITIES WILL BE CLOSING AT 2:00 WEDNESDAY NOV 25 AND CLOSEDD NOV 26 & 27TH!  HAPPY THANKSGIVING!   

November 24TH,2020

CORN

Corn traded as much as 10 cents weaker in the December contract overnight, before firming once again towards the close. Some corn/wheat spreading was noted early in the session as wheat was sharply higher on the day. General fund liquidation was seen today ahead of first notice day for the December contracts this coming Monday. December longs will be reported after the close on Friday. Remember that Friday is an early close. A buy the breaks mentality still exists in the corn market so dips are expected to remain supported until that attitude changes. A dry profile in South America and relatively strong corn demand offers support on breaks. The trade is watching China closely to see if they continue to have an interest in U.S. corn. There were no export announcements today, but recent sales of corn have been to unknown destinations, which is partly assumed to be China. The wheat market saw December close back over $6.00 today. Winter wheat ratings fell by 3% to 43% good to excellent. Kansas and Oklahoma both saw ratings drop as the southern Plains remains dry. Talk that Russia may implement some sort of export tax on wheat to help preserve domestic supplies was viewed as friendly. Ethanol figures will be out tomorrow. Export sales are delayed until Friday.

SOYBEANS 

Soybeans traded with double digit losses early in the session, only to see values come roaring back by the close. The March forward contacts were able to post reversals as they all finished with a higher close. January was marginally weaker. Reports that China may have “washed out” some cargoes of U.S. beans for winter shipment due to poor crush margins provided the early weakness. Malaysia palm oil closed weaker this morning, which weighed on Chicago bean oil. The South American weather forecast still looks warm and dry with the predicted rainfall for Brazil in the Dec. 1st through 7th period critical for crop development. Breaks in bean futures continue to be supported due to the tighter U.S. balance sheet projections and the La Nina conditions in the southern hemisphere.