The following commentary does not necessarily reflect the views of AgWeb or Farm Journal Media. The opinions expressed below are the author's own.
The Grain Hedge Team provides a macro-focused daily view of the world’s grain markets. Kevin McNew received a bachelor’s degree from Oklahoma State University and his master’s and Ph.D. degrees in Economics from North Carolina State University. He spent 10 years as a Professor of Economics with the University of Maryland and Montana State University focusing on commodity markets and is widely regarded for his ability to boil-down complex economic situations into easy-to-understand concepts for applied life.
In the overnight session the December corn is unchanged, January Soybeans is up 5 ¼ cents and December wheat is down ¾ of a cent. December corn continues to trade around resistance at $3.44 ¾ per bushel after breaking below that support level last week. Weather in Brazil looks beneficial to the corn and soybean crop with an active rain pattern across most all of the grain growing regions. Argentina continues to have areas of dryness for their corn and soybean crop, but the 11-15 day weather outlook points to some precipitation.
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The grain markets will be closed for the Thanksgiving holiday, but will reopen Friday morning at 8:30 AM CST. Friday’s trade session will close early at 12:05 PM CST.
Weather this fall has been challenging for harvest. The cooler weather and rain delays made it hard for later planted crops to dry down naturally in the field. Corn has been delivered wet from the field and has experienced moisture deductions and the size of the crop has put pressure on infrastructure. Some elevators have shortened dump hours for high moisture grain as they try to work through their inventory. We have seen a 3 to 4 cent premium for 14.5 percent moisture corn at the Gulf.
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