Harvest pressure seems likely to persist through Thanksgiving, which could limit the market’s potential upside. Recent export data hasn’t been terribly supportive either. But the probable end of the U.N./Russia export deal for Ukrainian grain should provide sustained support, especially if Russia again attacks export ships and/or Ukrainian facilities. Bulls may also be encouraged by persistent dryness across the Wheat Belt, especially if wheat futures resume their recent advance. Look for traders to slowly turn their focus to the next USDA Crop Production report on November 9. The corn crop reductions seen in September and October suggest the crop will diminish slightly on coming reports. Get more expert market analysis for corn, soybeans, wheat, cotton, cattle & hogs with your subscription to Pro Farmer.View subscription options.
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