Marketline Report for Monday, November 27th
This is Bob Larson with the Market Line Report for Monday, November 27th. Due to the Thanksgiving holiday, commodity traders had some down time. From the Allendale Trading Desk with details, Here's Steve Georgy ...
Steve Georgy ... "So, just a shortened session on Friday just to expire these December options. December options go off the board on Friday so we'll see how that looks and where this market can gravitate towards. You've got December corn sitting just above $345 area. There is a lot of options that would expire, worthless here if we do jump up to this $350 level. So, do we gravitate that way? Or, there's a lot of the $340 puts as well. So, we're right smack dab in the middle of those benchmarks and we'll which direction we gravitate toward. But, we may end up getting a little bit of boost here in corn, maybe on the back of the beans. Beans are up about .05 cents overnight. Argentina had some good rains in the forecast going home yesterday. Overnight, the models had changed that picture so now they went from some good rain amounts to now just some lighter totals. And so, we are finding a little bit of support from that. Can we see this January bean contract jump up above $10 bucks? This will be an area we've got to watch. Do we close strong here today, might set us up for some kind of a more friendlier run on Friday as well. But, news will be very light today. The volume will be very light today as well. A lot of guys will be off so we might trade for a little bit and then sit here for the rest of the day, but we'll see how that plays."
