Morning Comments November 24, 2020

Soybeans

Overnight, corn and beans both traded lower. December corn futures were down 10 at one point, and January soybean futures were down more than 17 at the low of the session. Talk this morning is of profit taking ahead of the Thanksgiving holiday, when we typically see most traders absent from the market for the full 4 days, even with the Board open on Friday. Beyond that, South American weather forecasts improved slightly. We continue to note a lot of volatility in the markets due to weather fluctuations and uncertainty about further purchases from overseas buyers. 

Opening calls:

Corn: 5 to 8 lower 

Beans: 10 to 15 lower 

Please continue to look at New Crop values. If you haven’t yet, we think it makes sense to get started with a sale or two out there. Leave a firm offer at a level you’d be comfortable with for a small portion of the bushels that normally have to go to town during Harvest.