Mark's Market Talk for November 4, 2024

We saw a quieter week in the grain markets last week. Large export sales helped the corn market offset talk of a higher yield once everything is done and put away. Basis levels improved some as the harvest wraps up and the bin doors close. End users in north central Iowa were posting some large numbers trying to attract corn for immediate delivery. This may not last long as ethanol returns are somewhat poor right now due to cheaper oil. This will limit how long they can offer premium prices. For the week corn was steady, and Jan beans were down 4 cents. Space is still at a premium in southern Iowa as harvest winds down. We do not have the space to take in a crop this size when there are limited rain periods to haul grain out.  The rain we received last week helped boost everyone’s mood as it was nice to know it can still rain. For those that might need to trade grain for cash before the end of the year there may be some opportunities to garner some decent bids while everyone else leaves the grain put until the new year. Often the Thanksgiving timeframe can be a good time to price some grain. South American weather will still be a news maker for the next 3 months. Planting conditions have improved greatly there and now their future weather will play a role in their crop development. The world is somewhat full of beans, and we really don’t need them to raise a large crop.