Market News

Limited business headed into long holiday weekend

Soybeans headed into the long holiday weekend up 4 1/2 cents after trading lower most of the week.  That’s largely been influenced by the return of a wetter forecast to parts of South America.  The disruption of exports into Mexico was also pressuring prices.  Sales and shipments of soybeans are running behind year-ago levels as U.S. beans continue to compete with Brazilian soybeans from earlier this year.  Traders are looking ahead to Brazil’s CONAB estimates, which come out early in January 2024.

Corn prices were under pressure most of the week as exports into Mexico were disrupted by the decision to shut down rail crossings in Eagle Pass and El Paso, Texas.  That left the movement of a lot of U.S. commodities in limbo.  Friday, U.S. Customs and Border Protection made the decision to reopen both crossings.  Traders are also watching the weather in South America as parts of Brazil have been very hot and very dry.  While there is some rain in the forecast, there is still the possibility that it could impact Brazil’s second-crop corn. 

The wheat complex ended the day mixed Friday.  There was widespread rain throughout a lot of the HRW and SRW wheat growing areas.  Russia continues to be the biggest bearish influence on the wheat market.  Wheat also took a hit this week from the shipping disruptions into Mexico.  Outside of the early-December buying interest from China, there’s not been much good news for price support for wheat.