LFC Comments 11/09/21 6:24:48 PM|
November WASDE Highlights:
Overall report was kind of a yawner. After selling off 85 cents since 10/27, soybeans bounced higher by 24 cents on the close. The main catalyst was the USDA printing a 4.425 BBU bean crop vs the 4.448 BBU that we saw in October. Yield was 51.2 BPA vs 51.9 last month. Soybeans were down 6 cents heading into the report and traded as high as 27 higher before closing the 24 in the green. Carry-out was up 20 MBU to 340 which kept prices in check. Corn had a bounce following the report on the heels of the friendly bean number. Corn yield was 177 BPA vs the 176.5 in October. Crop size came in at 15.062 BBU, 43 MBU larger than last month and the carry out clocked in at 1.493 BBU, or 7 MBU LESS than last month. Corn futures were trading 3 cents lower pre-report and were up 4 cents after the report. We did have some momentum that pushed prices up by a dime, but we faded into the close with corn up 3 ½ going home.
Moving forward, trade will now focus on sales and lifting's. Outside macro’s will more than likely be monitored with oil prices remaining above the $80 mark and on-going inflation concerns.
Semper Fi to all Marines.
Happy Birthday! (11/10/1775)
Leland Farmers Company