Mark's Market Talk for November 27, 2023

Last Wednesday afternoon corn and beans were both higher for the week on the board. Then Friday hit and we went south as beans led the way down. For the week March corn was 3 cents lower while January beans were 10 cents lower. The Friday following Thanksgiving has a reputation of being volatile and this year it lived up to it. Beans were 10 or more lower at the start of trade and ended the day 26 lower. This downslide continued even after they announced export sales of over 13 million bushels. Most if not, all going to China. The weather in South America is wishy washy as one forecast has rain and the next is hot and dry. This has a larger effect on prices right now as their production will have a large influence on prices going forward. Crude oil had a lower week as OPEC postponed their meeting where it was expected they would cut production to stabilize prices. Perhaps we might be headed back to the free lance days where oil producers push the limit to capture sales before the next guy did the same thing. This would be good for consumers, but not so good for farmers as it would bring the price of soy oil and ethanol down. At any rate it is good to have last week behind us as we look forward to better prices down the road.