11/19/2023 Sunday Market Preview

Grains face follow-through pressure after a weak finish on Friday. Traders will be watching whether significant rains materialize in Brazil at the start of the week. Buying interest has the potential to develop if large export sales are reported at 8 am central. The market will be closed for Thanksgiving on Thursday before the grains open on Friday at 8:30 and trade a shortened session until 12:05. In the Headlines Last week’s grain price action was all about weather in Brazil as selling pressure developed based on unexpected rains popping up ahead of a wetter forecast over the next few days. Rains are expected to arrive starting Monday with accumulated totals of up to 2.5 inches. The forecast is back to being dry and warm during the transition of November to December and potentially beyond. The latest estimates on Brazilian planting progress measured soybean seedings still 10 percent behind the average pace, at 68 percent in total. The top growing state of Mato Grosso was pegged at 97 percent complete, but that figure did not account for potential replant needs, which some sources have estimated are at least 20 percent of the crop. Corn and soybean prices were pressured early…