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Happy month-end & marketing year-end. Grains put on an impressive performance today ahead of a long-weekend. Most of the week has been associated with lighter-volume, declining open interest sessions with higher price action. With this, soybeans held above its 20-day moving average of 9.87 for the whole day, and managed to hold the 10.00 threshold despite coming off its 10.07 highs. Soybeans have a mountain to climb from here with the next 50-day target to reach at 10.38. Corn also surpassed its 20-day moving average at 3.97, before closing above the 4.00 mark, with its next target at 4.09. Wheat also closed above its 20-day moving average of 5.50. The next target is 5.66. Overall, today was a great day technically after many weeks of quite the opposite.
Since last Friday, November soybeans are up 34 3/4 cents, December Corn is up 28 3/4 cents, and December wheat is up 23 1/2 cents.
This morning we saw export sales announced, but grain news otherwise was quiet. USDA confirmed the following U.S. export sales for delivery in 2024/25:
▪️132,000 tonnes of soybeans to China
▪️100,000 tonnes of soymeal to Colombia
Globally, it was reported that Russia hit Ukraine with more than 400 Missiles & Drones this week. Tensions remain high overseas, despite the markets being desensitized to it.
Food for thought today from Angie Setzer on Twitter, "Time to rework your break evens, enter new target orders and focus on revenue per acre, not price per bushel, my dudes". At the end of the day, you need to make enough money to farm for another year. Make sure you know how much that is, and make sure that you start to set a plan to make it happen. Hoping is not a plan.
Have a great long-weekend everyone!
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