Market Commentary 

Welcome to December! The commodity market continues to trade range bound, with corn trading roughly twenty cents lower on the week and beans unchanged.

This week, the commodity markets continued to trade range-bound with no real commitment one way or another. Harvest is rapidly finishing, and we are seeing better-than-expected yields in the eastern corn belt, however, the west has not been as fortunate.

Commodity prices are finding strength today as we finish the week with positive news out of China and the on-again, off-again lockdown of the Black Sea export policy is off.

November 9, 2022 USDA Crop Report

Rail labor unions and railroads have agreed to extend the “cooling off” (or “status quo”) period in their contract negotiations, eliminating the threat of a freight rail service shutdown next week.

This week, the commodity markets have traded largely on rumors from the western Europe grain corridor and China COVID policies.

The grain markets have traded, for the most part this week, on both sides of unchanged. However, as we attempt to finish the week, we are seeing corn down a nickel and beans off close to twenty-five cents for the week.

The grain markets have been trading on both sides of unchanged for most of the week. Since last week’s crop report and the bullish carry-over figures released by the USDA, we’ve not been able to sustain positive gains.

The USDA released its monthly WASDE report this week. They dropped corn yields just a bit from 172.5 to 171.8 and dropped bean yields from 50.6 to 49.8. Thus, in turn dropped projected ending stocks of both grains. 

As we approach the end of the first week of October, we find corn futures steady and beans trading about a dime lower. Harvest activity has picked up in the east this week as combines have been very busy with the excellent weather...