Grains were mixed with heavy corn/bean spreading today ahead of the weekend. December corn finished up 3 ½ cents, while November soybeans finished down 18 cents.
The outside markets which had such influence yesterday were steady/flat after "bullish" consumer sentiment this morning. Really it was a rather quiet trading session besides this without much news/headlines to move the market. The fact that exports were rather weak yesterday during harvest is a sign that demand is still slow. We have been talking about the world feed grain competition slowing demand for US corn. Much of the price action still depends on this next USDA Supply and Demand report on November 9th. RJOBrien released their estimates today. They have national average yields pegged at 145.9 for corn and 41.0 for beans.
With firms still pricing in lower yields, weather looking good for South America, and with slow US export demand we are still highly concerned with the downside market risk. We have strategies available to protect New Crop prices between now and spring when the crop insurance will be set. To receive a 2 week trial of EHedger research, hedge recommendations, as well as our grain marketing software, please sign up using the link below. Have a great weekend!
Chart: December corn (still hovering around the 200 Day moving average)
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