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Grain Comments: 11-24-2023

Good morning:

Soybeans have rounded off rallies in each of the last two weeks for consecutive lower overall closes; SF4 would have some work to do to make that a third straight today, and it has a pile of technical support directly below as well. Brazil rains appear solid heading into the end of the week.

Argentina’s major crush and export body CIARA-CEC yesterday said the country’s grain trade would be “paralyzed” due to soybean shortages and an anticipated devaluation of the peso; their actual exchange rate stands at around three times of the official one, and their elected President has pledged to scrap currency controls. Argentine soybean crushers are currently running at 73% idle, with exporting grain ports 75% idle. The Buenos Aires grains exchange did report early planted soybeans as being in good shape, with 35% of the crop planted, and corn planting standing at 26% complete. Wheat harvest is also 26% done, with the crop seen at barely over half last season.

The Plains and Midwest were dry over the holiday; precipitation chances will favor the southern Plains and SW belt today through the weekend, lighter for the rest of the center of the country. Extended maps remain mixed with the best chances holding far south for the 6-10 day and far west for the 11-15 day. Temperatures will rebound back to above-normal heading into December.

Argentina will be dry until later next week when chances favor the north and east; Brazil saw widespread action over the past 48 hours and chances continue through Tuesday, before the best chances shift center-south for the 6-10.

Have a great day!

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