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Grain Comments: 11-21-2023

Good morning:

Overnight ag markets are trading higher. Corn is trading up 3-4 cents, wheat is up 2-3 cents and soybeans are up 9-10 cents. Soybean meal rallying in overnight trade as well, up $5.90/ton. US Dollar is down 87 points, Dow futures are down 10 points and crude oil is down $0.22.

Soybeans continuing yesterdays rally. Support is coming from strong meal and oil demand, concerns over Brazil production and the unknown of how Argentina far right President- elect politics will evolve.

Rumors circulating China purchased a couple soy vessels yesterday off the PNW.

Argentinian President-elect Javier Milei met outgoing Peronist leader Alberto Fernandez, to begin a transition that looks likely to be complex. Milei, who takes office on Dec. 10, faces a huge challenge to tame price rises, rebuild depleted foreign currency reserves, bring down poverty that has climbed above 40% and navigate complex geopolitical and trade ties with China and Brazil.

Current Argentina government extended the soy dollar program until Milei is sworn in as president.

Weather forecast shows rain will bring some relief to central Brazil over the next 5-6 days. Unfortunately the forecast is calling for another round of warm temps and mostly dry weather next week. Southern Brazil will remain wet with additional rains over the next two weeks.

Argentina forecast shows a nice mix of rain and sunshine over the next two weeks to most of the country’s growing regions.

Opec will meet on November 26th. Many analyst believe the group will cut oil production in order to stabilize prices.

Have a great day!

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