11/19/2024 Buckle Up

On the Grains
Another rollercoaster of an overnight trade as we see December corn up 1 ½ this morning with an impressive trading range of 2 ¼ cents. Honestly, without wheat and crude oil making a correction yesterday we probably wouldn’t have seen much for positive action on corn. In my opinion that correction was all war premium being put in to the market.  Overhead resistance continues to be the $4.34 from the USDA report on 11/8. Again, non-bullish weather in South America seems to be the focal point and it looks like we should get the safrinha corn in on time as bean plantings now are 78% this week vs 68% last week and 71% on average. For the record, when it seems like the market has tried to roll over in the past we have failed, it feels like it is trying to roll over again. Overnight Ukraine did use U.S. weapons for deep strikes, will that be enough to push this higher, time will tell. Here is a snap shot of the corn chart since the end of September, with the 50 DMA.