Morning Comments November 15, 2023

Winter Bales

Today’s main story revolves around the Ukrainian export deal. There are reports of Russia making concessions due to their struggle to win the war they started and need for their own exports to ship so they can cash some checks. It’s likely a new agreement will be signed soon.

Markets are also being pressured by soybean exports slipping year-over-year and ethanol margins fading. October inflation numbers and stellar U.S. crush margins will try to provide support, but until there’s a different headline, the path of least resistance is steady to lower. We’ve already lost 50c in corn over the last 2 weeks, so basis levels will need to do the heavy lifting to move grain. We’re already starting to see improvements across the state as harvest wraps up. 

Corn down 3 to 5

Beans steady to 2 lower