Morning Markets: Corn: +3.50.
Beans: +13. Wheat: +6.50.
MARKET SUMMARY:
Good morning. Happy Friday the 13th. Markets have been in steady uptrends throughout most of the overnight session, with soybean futures having scored new highs for the week and the grain markets also seeing steady gains as money flow seems to have returned to the ags at week-end. We didn't have a lot of great explanation for the sell-off yesterday, and unfortunately, we equally don't have a lot of great explanation for the rally this morning other than it's the end of the week and there's a US-China meeting next week that is likely producing position adjustment. The funds are still long the soy space, but spec traders could've gotten short after the Tuesday run-up this week, and if both now want to cover positions into the weekend, its plausible that that could be the back-and-forth seen the last couple days. Corn futures to start Friday morning are trading 3-4 cents higher, soybean futures are trading 15-17 cents higher, and the Chicago wheat market is trading 7-9 cents higher.
Trivia: How many bones do sharks have in their bodies? (answer below)
Crude Oil is up $0.48 at $89.22
US Dollar is up at $103.22
Dow futures are up 206 points at 52,596
WEATHER:
- Weekend weather looks to be mostly quiet for the Corn Belt, as high pressure keeps cooler air present throughout much of the region but also limits any precip. The western part of the country, meanwhile, looks to stay wet, as the Pacific jet extension keeps a regular flow of low pressure systems active into next week. Temperatures in the central US warm back up then next week, but more cold air and a large storm system are in the forecast for the following weekend, which are likely to get more attention through the week next week.
OTHER HEADLINES:
- CONAB is expected to release monthly crop production data this morning at 7am central time. Traders see the report showing Brazil corn and soybean production little changed from last month, as weather to this point in the season has been just good enough in many areas to support normal development.
- Weekly export sales data for the week ending November 5th is expected to show corn sales in the week between 2.0-3.0 mil MTs, soybean sales between 850k-2.0 mil MTs, and wheat sales between 350k-650k MTs. The report is still due out at the normal 7:30am central time, though was delayed a day for the Wednesday Veterans Day holiday.
- The Rosario Grain Exchange in Argentina this week bumped their wheat production estimate up a half million tons to 24.3 MMTs, which if accurate, would be the second largest harvest on record. The group also mentioned that harvest progress is about 13% complete.
- Weekly barge traffic data from the USDA this week showed shipments down the Mississippi River in the week ending November 7th at 850k tons, which was up a whopping 201% from the week prior. Corn shipments in the week totaled 331k tons, up 303%, and soybean shipments totaled 510k tons, up 171%. STL barge freight rates were quoted at $21.87/short ton, down from $22.50 a week ago.
- Not market related, but Microsoft said Thursday that server problems were to blame for outages related to Outlook email, Teams and Co-Pilot and that it was not aware of any malicious activity. The company this morning says its engineers are continuing to work on the root cause of the problem, but that services are slowly being restored.
EXPORT NEWS:
- 303,300 metric tons of corn received in the reporting period for delivery to Mexico. Of the total, 272,820 metric tons is for delivery during the 2026/2027 marketing year and 30,480 metric tons is for delivery during the 2027/2028 marketing year
- 134,000 metric tons of soybeans for delivery to China during the 2026/2027 marketing year
- 120,000 metric tons of soybeans for delivery to Vietnam during the 2026/2027 marketing year
- 100,000 metric tons of soybeans for delivery to unknown destinations during the 2026/2027 marketing year
Answer: Zero. Their skeletons are made entirely of flexible cartilage instead of bone.
Be careful!
Bailey Runyen
Grain Originator | Topflight Grain Coop.
101 N. Main St. | Cisco, IL 61830
Phone :: 217-669-2141
Email :: brunyen@tfgrain.com
