Morning Comments November 16, 2017
Thursday, November 16, 2017, 8:11 AM
Submitted by: Landus Cooperative
Beans steady to up 1
The markets aren’t seeing much movement this morning, with corn up a penny and beans steady. The December corn contract had an overnight trading range of just 3/4 of a cent, while the January bean contract had a 4 cent range. Open interest continues to rise in corn, reaching the highest level in 10 years: 1.7 million contracts.
The bean market rallied yesterday on short covering and NOPA crush came in with a neutral report but showed that oil content of this year’s crop is below last year, helping give the bean oil market a boost. Rains across Northern Brazil have helped bring soil moisture back to life and Brazil has now planted 68% of their crop (still lagging behind last year’s 73%).
More darkness every day, temps continue to get colder, and yet there is still a lot of field work to do, please continue to be safe in all that you do.