BASIC & RECENT MARKET INFO

Dec Wheat - Steady to 1 Higher Dec Corn - 1 Lower Jan Beans - Steady Crude price - 84.52, down 1.02 S&P price - 4148.25, up 10.50

It's our weekly grain market prices and US grain basis analysis and outlook on October 29, 2023 for corn, soybeans and wheat. The Dow Jones Industrial Average (DJIA) settled at 32417.59, -709.69 points for the week. Crude oil settled at $85.16, -3.86. The Dollar Index settled at 106.58, +0.42. The Baltic Dry Index (a shipping freight-cost index) settled at 1563, -483 points for the week. Corn December futures at $4.80¾, -14¾¢ for the week. Basis (Z = December; e.g. 10Z

Highlights Dr. Michael Cordonnier, the guru of South American crop production, wrote on Friday: "Farmers in Mato Grosso have a difficult decision to make concerning their 2023/24 safrinha corn. Soybean planting in many areas of the state has been delayed due to hot and dry conditions and some of the early planted soybeans will need to be replanted. These delays will result in a delay in planting the safrinha corn in January and February. The ideal planting window for safrin

World Free-On-Board Grain & Oilseed Prices for October 28, 2023

December Crude Oil marked it's low 10 cents above the 83.00 support Friday morning, then, in the afternoon marked the high at 85.90,...

Highlights The EU Commissioner for Energy called an emergency meeting yesterday to discuss the possibility of a diesel supply shortage. One EU official said to the press, "Oil is important. Not enough diesel could lead to strikes. Is this a 1973 moment or not?" In late October 1973, Arab Oil Exporting countries refused to sell crude to countries who supported Israel in the Yom Kippur War that began on the 6th of October. The serious fighting was pretty much over within 10 da

Highlights November Options Expire Today. It looks like the big specs (who write the calls you buy) want Dec corn to settle at $4.80, December CBOT wheat at $5.80, November beans at $12.80, December spring wheat at $7.20, and December KC wheat at $6.60. Get the option expiration out of the way for another month, maybe the market will trade the technical and fundamentals next week. Eduardo Vanin, a cash trader in Brazil, made this comment yesterday morning: "Alert: As I was

Dec Wheat - Steady Dec Corn - Steady to 1 Higher Nov Beans - 1 Lower December Crude Oil traded in between the given numbers of 83 and 84...

Highlights By a vote of 220 to 209, the House of Representatives elected a Speaker in the person of Louisiana Republican Mike Johnson, whose pedigree looks like Jim Jordan without as many political battle scars. He is against financial aid to Ukraine, abortion, gay marriage, wants to close the borders, forebid gender-related surgery and hormone treatment, prohibits mask mandates on airplanes, and tighten immigration standards. He probably was able to get enough votes because

Dec Wheat - 1 to 2 Higher Dec Corn - Steady to 1 Lower Nov Beans - Steady to 1 Lower December Crude Oil revolved around the 83.40 support...

Grain market summary of price outlook, seasonal situation, fundamental & technical analysis with our recommendations for corn , soybeans and wheat (Soft Red Winter, Hard Red Winter & Spring) for past week Wednesday to Tuesday. Explanation of our approach: https://www.wrightonthemarket.com/post/how-to-decide-when-to-price-grain Corn Corn situation after the close Tuesday, October 24 , 2023: December corn settled on Tuesday at $4.84, -5¢ since last Tuesday. The past 7 days’

Highlights Naomi Blohm of West Bend, WI is a Senior Market Advisor, commodity broker, speaker, with Total Farm Marketing by Stewart-Peterson. Late yesterday morning, she posted on Twitter, now “X”: "Iowa friends, please tell me about your corn basis... two clients called in to tell me about sudden, drastic improvement of cash corn prices in their neighborhoods." Responses were: NE IA, elevators all saying they won't be filled. No piles. Feed mill manager said farmers bins wer

Dec Wheat - Steady to 1 Higher Dec Corn - Steady to 1 Lower Nov Beans - 2 to 3 Lower As a reminder, when support or resistance is not...

November CBOT options expire Friday. From far west Iowa, a little closer to Sioux City than Omaha, Andrew reported Saturday evening: "Finished 2500 acres of beans with an average of 57 bpa. We had about 1300 acres of irrigated beans out of the 2500. We are disappointed with the yield overall. Started corn yesterday and the first field made right at 100 bpa. 89 bushels under aph and 147 bushels less than last year right across the road on identical soil. Dryland corn is ugly

Cover image is the CBOT board and trading pits in the 1960's after paper cleanup. Dec Wheat - 2 to 3 Higher Dec Corn - Steady Nov Beans -...

Jon Scheve with weekly market commentary made on October 20, 2023 Throughout October so far, the corn market has closed within a tight 25...

Tidbits Argentina's ruling coalition did much better than expected to lead the country's general election and set the stage for a vote next month between Socialist Sergio Massa (36% of the vote) and far-right libertarian radical Javier Milei (30% of the vote) with 80% of the votes counted. A conservative candidate had 23.7% of the vote. The war in Eastern Europe continues to escalate, but as rapidly as it did in the warmer months. The fighting in the Middle-East is rapidly e

Dec Wheat - 3 to 5 Higher Dec Corn - 2 to 3 Lower Nov Beans - Steady Crude Price - 87.87, down .21 S&P Price - 4257.25, up +8.75

$85.20-$85.07. Friday's close = $88.30

Because of the daily technical picture, November Soybeans was not ready to mark higher highs on Friday. Instead, the previous day's...