November 22, 2017
Producer Marketing Manager
Trading hours for the Thanksgiving Holiday……Normal 1:20pm market close today and Friday will be an abbreviated session with an early close at 12:05pm. Wheat Growers locations will be closed on Friday, but will staff the grain desk in Aberdeen until 12:05pm. if you wish to market grain on Friday you can reach us at 605-725-8373.
CORN: As of 7:45 – Steady
Corn futures closed mixed across the board yesterday with a choppy trade and a lack of fundamental news--CZ17 closed unchanged at $3.45. We continued to see that overnight with corn steady across most contract months. The 20 day moving average continues to provide stiff resistance at the $3.45 level as noted by the red line in the chart below. Dec Options expire on Friday…..
SOYBEANS: As of 7:45 – UP 5
The soybean market was a touch weaker yesterday as bean meal and oil were lower. We did see a routine announcement of 2 cargoes of soybeans sold to China yesterday. We did see some bounce overnight in the soybean market as the 10 day forecast for the ‘already dry’ grain and oilseed areas of Argentina is lacking chances for precip. The Nov 18 futures price is above the $10 mark again and is worth taking a look at for some NC 18 sales or target offers in the $10.15 - $10.20 area.
WHEAT: As of 7:45 – Up 1
The wheat market shrugged off the mixed trading action of the corn and bean pits and managed to see a “turn around Tuesday.” There were news stories on Tuesday confirming an increase in radioactivity in the wheat growing areas of Russia. This is following what appeared to be some type of nuclear accident in late Sept/early Oct. Stay tuned to what this may mean for the demand for Black Sea wheat if it has issues.