Corn: 2 to 3 lower
Beans: 2 to 3 lower
Friday, the December corn contract closed 3 higher at $4.19 1/4 and gaining 17 1/4 for the week. The corn market ended higher as European corn prices soared, making the U.S. corn the cheapest in the world. Corn traded down 2 to 3 cents overnight but a set-back is not expected due to significant rationing in Brazil and the growing concerns of the impact of a La Nina diminishing the size of the Argentina corn crop. Macro markets are expected to be volatile ahead of next week's election.
On Friday, November soybeans closed 10 higher, making a new contract high, at $10.83 3/4, ending 33 3/4 higher for the week. Soybean basis along the river system has rallied with harvest coming to an end and farmer selling slowing up. Gulf bids are at a multi-year high with the slow-down of farmer selling. Estimated crush levels are also at the highest level in 2 years with both the meal and oil markets rallying heavily. The macro market is trading lower this morning and that may be pulling soybeans with it as well. Fundamentals are still showing the bean market is solid and set-backs should be minimal. Initially, there was some concern about the large fund long position, but that is still short of the record high set in 2012. There should be plenty of room for buying yet. With some rain in the forecast for Brazil, it is going to take continued Chinese export demand and/or some South American weather problems to sustain the rally.
We had some $10.25 offers hit overnight, please continue to put your offers in for either bushels in the elevator or in your bin.