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Tidbits, Corn Market, Brazil, Export Sales, Markets & Rain Days Update 11/3/23


Bill farms 60 miles upriver from the ADM and Cargill barge loading facilities on the Ohio River at Cincinnati. He said both buyers firmed their corn basis from -28Z (28 under the December futures) to 0Z (even with December futures) yesterday.

Dayton Cargill firmed their basis 5¢ to -25Z since Friday. Corn harvest is just getting a good start in Ohio and Michigan.

Josh reported Homeland Energy at Lawler, Iowa, where harvest is winding down, pushed their basis to +10Z for the whole month of November. Iowa, harvest time basis +10?

What is going to happen with December corn? Here in the short run, it will test the contract low of $4.67¾ made on September 19th as the funds try to push the price down into the sell stops under that contract low. They very well may be successful. If so, the funds will become big buyers. They will buy the contracts they sold the past two weeks and they will buy again to get net long December corn.

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