Morning Comments November 26, 2018
Monday, November 26, 2018, 2:11 PM
Submitted by: Landus Cooperative
Beans down 6-8
Wheat up 4-6
Friday, the December corn contract closed 2 3/4 lower settling at $3.59, and the July was 1 3/4 lower at $3.85 1/2. For the week, the December contract closed 5 3/4 lower, and July closed 4 1/2 lower. Friday, the January soybean contract closed 2 cents lower settling at $8.81. The July contract was 2 cents lower closing at $9.20 1/4. For the week, January closed 11 1/4 lower, and the July closed 10 1/2 lower. Corn and beans continue to find pressure downward from crude, as Jan crude traded down to $50 a barrel, down over $25 from October. With crude trading sharply lower in the last month, it puts stress on ethanol margins and weakens the currencies in major energy producers. Also putting stress on the bean markets is the large supplies and the weak exports, and the Brazilian bean crop is off to a big start. Rumor is President Trump and Xi are meeting today and if something is released the market could be in for a wild ride. Wheat is higher on the news coming out of Russia and the Ukraine.
We are starting to roll out our 2019 New Crop Opportunity Programs. First up is a 3rd party managed bushel program with a Dec. 17 sign up deadline. Please contact your local GMA or call the Ames office at 877-778-2226 for more details.