Weekly Market Summary November 2, 2018
Friday, November 2, 2018, 9:11 PM
Submitted by: Landus Cooperative
After some pretty mediocre weeks, it was nice to see some positive excitement in the markets for a change. For the week, corn gained 9 ½ cents and beans gained 34 ¼ cents from last Friday’s close. Monday and Tuesday were overall quiet days, with corn and beans closing in the red both days. We saw some positives in the export inspections report for beans, coming in 6 million bushels above the highest trade guess at 48 million bushels. As many producers up beans last week and moved on to corn, we are started to get a better idea of yield results in our area. Markets were mixed on Wednesday with corn down 1 ½ cents even with the EIA report showing ethanol production at an 8-week high and a drop in ethanol stocks. Beans closed 5 ½ cents in the green on Wednesday, a positive sign for how the remainder of the week would go.
Thursday was the most eventful day this week for trade thanks to a tweet from President Trump indicating a conversation with China’s President Xi included a lot of focus on trade. The disappointing export sales report had little impact on the market, and corn closed up 3 ½ cents and beans closed up 30 cents. Markets held on to the momentum through Friday’s trade, finishing the day with corn up 4 ½ cents and beans up 5 ¾ cents.
We continue to watch December 2019 futures for new crop corn sale opportunities, as well as the spread between today’s cash bean price and deferred months. Remember – sometimes it pencils out to sell the carry and pay the storage!
Tune into this week's episode of the Bull Bear Banter at https://landuscooperativeexperience.podbean.com/
Have a happy and safe weekend! Don’t forget to change your clocks Saturday night.