Grain Markets Commentary
November WASDE Today
Corn and soybeans continue to retreat as we close in on the November WASDE report. The weakness continued overnight with both slightly lower. The November report is usually not a big mover but with production estimates looking close to unchanged the USDA may have a chance to catch up the demand cuts. They have not been able to keep up with production cuts in previous reports. If corn carryout moves to 1.35 billion bushels the selling pressure will escalate. The soybean carryout needs to move above 250 million bushels to pressure the soybean market.
Watch 6.61 & 14.35 for support and 6.85 & 14.55 for resistance. China was back in for soybeans today 264K tons.