11/6/23
Soybeans continued to climb today. January’24 Soybeans gained 12 ¼ cents today and settled at 1364. Over the last 5 trading days, January’24 Soybeans are up 55 ¾ cents, or over 4%. For the last month (since10/6/23) January’24 Soybeans are up 78 ½ cents, or more than 6%. December’23 Corn did not do much today. December’23 Corn stayed in a 4-cent trading range all day and settled unchanged at 477 ¼. Over the last month (since 10/6/23) December’23 Corn is down 14 cents, just under 3%. The Wheat market was higher today. December’23 Wheat rose 3 ¼ cents and settled at 575 ¾. During the same 1-month period (since 10/6/23) December’23 Wheat is up 7 cents, or just over 1%. Today’s high in January’24 Soybeans is also the monthly high, at 1369 ¾. Soybeans have been strong since the start of November, and I think they have been too strong. I still feel the January’24 Soybeans will turn around and head towards the $13.00 level. There is a crop report this Thursday, on 11/9/23.