Mark's Market Talk

Nov 29, 2021

Thanksgiving shortened the trade last week. The day after Thanksgiving sometimes changes the market trend. This year we saw a mixed bag to say the least. Everything but oats traded lower just about the entire session. Corn traded 12 cents lower at one time before roaring back in the last half hour of trade and closed 7 cents higher. Beans meanwhile opened lower and stayed lower all day and closed Friday 14 cents lower. For the week corn gained 17 cents while beans gave up a dime. Fears of a new strain of covid started the sell off Friday as oil and the stock market suffered steep loses as traders are concerned of another round of shutdowns. Corn rallied late in Friday’s session as the latest “China might buy corn” rumor was floating around once again. Everyone agrees they need to buy corn, maybe a lot of it. However, the question is how soon do they have to, and can they wait until the South America crop is available. We come into this week as a possible north or south type of trade. As I mentioned earlier the Thanksgiving week has been a market turner many times in the past. Whether it is this year is yet to be decided.