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November 18, 2019: Mark's Market Talk

November 18, 2019

There wasn’t much in the way of positive news last week for the grain futures. Continued harvest pressure sent December corn futures down 6 plus cents for the week. Cash basis remains strong as end users don’t appear to be bought ahead very far. Farmers are selling what they need to for cash needs and storing the rest. Exports finally looked a little better last week, but they still have a long way to go to reach the USDA’s annual goal. With the better basis being offered right now there isn’t much of a carry in the corn market. That means a lot of bushels going into storage are probably unprotected at this point. January beans lost 13 cents last week as harvest winds down. Nearby basis levels improved as end users are competing for a smaller amount of beans each week. Farmers still own a lot of beans and we know from past years that this can impede a rising market. Both sides are talking positive about improvement in the China/USA trade talks, but we aren’t seeing any true movement. Right now, the commodity traders are waiting for actual buys to be made before they get excited enough to go long the market. We need congress to pass the US Mexico Canada trade agreement so we can move ahead with these important partners. It is very frustrating when politics get in the way of a good thing. These 2 countries are very important to our farm economy. Take a moment and let your congressman know how you feel about this important legislation.
 
Posted: 11/18/2019 2:27:14 PM by Rob Matherly | with 0 comments


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