11/25/2024 Short Week, Limited Participation

Above you will find today’s installment of Morning Market Talk. Soybeans Hold Support You can click on the picture above to take you to this morning’s episode. On the Grains Here we go off to the races for the holiday shortened week, corn continues its sideways chop, wheat grinds lower and soybeans try to mount somewhat of a recovery after last week’s push to contract lows. This potentially could be one of those weeks that can be a momentum turner heading into the balance of the year. However, corn just seems to be stuck and will need something to boost it along. Eric talked on Friday in the video portion of the report about the wedge formation on December corn, the bottom side of the wedge is $4.23 and we will need to hold above that and then the 50 DMA is $4.18. The Commitment of Traders had the funds net buyers again last week of 4,639 contracts and long 114,628. If we punch the bottom side of that wedge we could see some of those longs hit the exit door. Over the weekend there were no long range attacks in Russia/Ukraine which is somewhat bearish wheat and not supportive…