December Options expiration
So far this week, corn is up 2.5 cents and soybeans are up 18 cents.
Rains are moving across the N & C Brazil this week pulling crop stress area down to 20%. Next week, they will return to a hot and dry pattern starting Sunday.
Some models are showing the possibility of a wetter pattern for C Brazil which would be a game changer.
The Brazil story will take some time to fully play out and do not be afraid to take advantage of some hedge opportunities in 2024 contracts.
Weekly exports for corn were good but soybeans were disappointing at 960K MT considering this is our window to really move soybeans.
Support and resistance
4.84 & 13.52 for support
4.97 & 13.90 for resistance
We could see some interesting movement today due to option expiration, but Brazil weather still dominates the market. If we see more models getting wetter, we will need to get negative price. NFC Grain Comments Options -11.24.23