11/21/2024 McRib is Back, Debit Forgiveness

On the Grains
I can feel it in my bones, today is the day, and the march is on for December corn. We finally have some movement in grains to the topside as corn makes another attempt to take out the $4.35 December level. We have reported on it since the USDA/WASDE report. Yet the market has failed us, leaving us to sit and wait for a broader push from some other commodities. Yesterday we had excellent flash sales, 202,000 MT soybeans to China and another 220,000 MT to unknown yet beans didn’t even attempt to move higher, and while up 7 cents overnight it appears that they will struggle at the $10.00 level. Malaysian Palm Oil continues its sharp downtrend overnight which weighed on the soybean oil complex yesterday. However, it appears that we can divorce ourselves from that, at least for today, but ultimately our direction will come from soy oil and exports for soy oil are underperforming. The export sales report released this morning will provide direction for the day session.