November 24 – Morning Comments

First notice day for December grain contracts is on Friday, November 28th. All longs should liquidate before the close of trade on Wednesday. The Market will be closed on Thursday, November 27th to observe the Thanksgiving holiday.

In the overnight session corn slipped 2 ¾ cents lower, soybeans fell 10 ¾ cents and wheat fell ¾ of a cent. Friday’s trade session for corn was relatively bearish, with prices rising to 3.81 ½ cents and then selling off to finish the day near the lows of the day.

Rain is covering the eastern part of the Midwest today but should mostly clear up tomorrow providing an opportunity to wrap up harvest for the crops still left in the field. Significant showers are expected early next week and then a wetter weather pattern expected to settle in, halting the remainder of harvest.

Internationally, more rain is in the forecast for southern/western Buenos Aires and southern Cordoba for later today and again this weekend with a significant storm in the forecast. This next storm is likely to cause some areas of excessive rainfall and continue to delay planting progress which was off to a slow start this year due to excessive dryness. Soybean planting pace in Brazil is 76% complete as of Friday, improving 13% week over week and is now only 3 percent behind last year’s pace at this time. Argentina planting is 36% complete versus 44% last year.​