Weekly Market Recap November 29, 2019

Thanksgiving

Maybe Black Friday buying can explain the unexpected spike in the corn market today, with Dec 19 corn futures closing up over 8 cents today at $3.71 1/4. The USDA weekly Export Sales report came in at 806,751 MT in net sales, on the higher end of the 400,000 to 900,000 MT range of trade estimates.

Soybeans took the opposite end of market movement today, with Jan 20 closing down over 5 cents at $8.76 3/4. Export sales came in above trade's expectations, with 1.664 MT sold the week ending 11/21. While soybean basis seems to be steady/improving in most areas, the steady decline in soybean futures prices could be another indication that traders are losing interest in the stagnant story that is U.S. and China negotiations. 

The 2nd round, 25%, of the MFP payment was completed on November 18th. 50% of the payment was done previously, and the 3rd and final 25% is expected to be paid out in January if market prices do not recover. The deadline to enroll is December 6th, so be sure to talk with your local FSA agent if you have not already done so. 

We hope everyone enjoyed a happy and safe Thanksgiving yesterday! In lieu of the regular market recap on our podcast, we prepared a special recording, visiting with our GMA team and talking about what they do here at Landus Cooperative. Listen here: https://landuscooperativeexperience.podbean.com/