West Central Ag Grain Comments 11/06/25 9:32:40 AM
11-6-25
- Good morning. Mostly lower trade in the ag space to start Thursday, with a quiet afternoon/evening of news leading prices to drift lower this morning in the corn, bean and wheat markets, while the product markets are seeing spread activity to start the day. We touched on it a bit yesterday, but speaking specifically to the corn and beans, that the markets have made highs in generally the same area every day this week seems to be telling that there is either some sort of value near current levels, or traders realize that the rally maybe went a little too far, too fast and are now taking pause to see whether the developments that got us here will actually come to fruition. The headlines are great, but bigger picture price direction from here over the next couple months will be a product of actual export data and whether the newly announced trade business cuts into current ending stocks estimates. Remember, soybean futures are already at their highest level in more than a year almost purely on speculation that this business shows up; to expect an explosive rally that just blows the top off without any evidence of bushels being shipped and still no weather issues on the other side of the world would seem somewhat foolish to us at this point. Corn futures to start Thursday morning are trading 2-3 cents lower, soybean futures are trading 5-9 cents lower, and the Chicago wheat market is trading 6-8 cents lower. Products are mixed, soybean meal is giving back most of what it gained yesterday and is down around $7/ton, while soybean oil is up 40-50 points. Outside markets are again quietly mixed for the most part, crude oil futures are up 40-50 cents/bbl, the Dow Jones index is up 40 points and the US$ index is down 20-30 points; the S&P500 is up 10 points and the NASDAQ is up 50 points.
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