Morning Comments November 22, 2017
Wednesday, November 22, 2017, 8:11 AM
Submitted by: Landus Cooperative
Beans up 5-7
Corn steady to up 2
Beans up 5-10
Soybeans have found some seasonal buying overnight and trading at a 2 week high. The 7-10 day forecast for growing areas in South America are calling for spotty showers. Today weekly ethanol production will be out – the trade is anticipating another strong week of production. This would align with firm basis levels on the interior and an up-tick in buying ahead of the roll to March futures.
Next Tuesday, USDA will release their annual 10-year baseline supply and demand and price forecast. While a good input to use as a measuring stick, there are so many variables that make these predictions “noisy”.
NAFTA news - U.S. Trade Representative, Robert Lighthizer, was quoted, “Thus far, we have seen no evidence that Canada or Mexico are willing to seriously engage on provisions that will lead to a rebalanced agreement. Absent rebalancing, we will not reach a satisfactory result.” More to come…
Normal trade hours today, closed tomorrow, and from 8:30 until 12:05 on Friday.
Have a happy Thanksgiving!