11/12/2023

Grains look to open steady to slightly firmer with help from more worry about dry weather in Brazil. Technical bargain buying may also be attempted after futures rebounded off their lows on Friday. Another round of large export sales announcements would likely help spark buying if they show up during the morning market break at 8 am central. In the Headlines Basis values are noted as firm across much of the country, particularly for corn as cash bids strengthen relative to futures prices. Farmers are reluctant sellers after the recent break lower for board prices. Processing demand is robust and offsetting some of the persisting weakness around the river markets. Soybean basis was not strengthening quite as much in most areas as farmers were rewarding the recent futures rally of more than $1 from the October low. Soybean basis will still be thought to have plenty of upside potential now that export demand looks to be picking up. A pair of very large soybean export deals were recorded on Thursday morning last week. The timing of the sales lessened their importance in the market, since they were announced before the crop report was released later that day. Just more than…