Weekly Market Update 11-16-23

Nov 16, 2023

Here is your weekly market update from the Garden City Co-op Grain Origination Team.


  1. What was the first Disney animated feature movie that was not based on an already existing story?

  2.  Who is the all-time leading NBA scorer?

Answers at the bottom.

Market News

South American Weather Update South American weather is literally a wet blanket on the markets this week. The soybean market is struggling with moisture in South America and the corn market seems content to tag along for the ride. Brazilian rains fell south yesterday to keep conditions wet there, but chances look to be more widespread throughout crop areas over the next ten days. Northern Brazil is in need of more rain and is forecasted to receive them late this week and next. Argentina was dry yesterday after seeing some scattered rains earlier in the week. Rains are expected to move into the central and northern parts of the country tomorrow and Saturday. Rains obviously mean an increase in production potential, while lack thereof leaves two risks on the table: slower planting pace and lessor yield potential. 

Outside Markets Outside markets are lower today, led by sharp losses in the energy sector after rallies earlier in the week. Stocks have climbed this month as the market became more convinced that inflation is cooling off and the Fed may decide that rate hikes were done. Declines today came after Wal-mart executives cautioned that consumer spending may be down for the rest of the year, despite strong earnings in their third quarter. Walmart shares were down as much as 8% in today's session. Data from the Labor Department today showed that the number of Americans filing new claims for unemployment benefits increased to a three-month high last week and indicated that total unemployment is expanding to levels last seen two years ago. 

Exports Fresh flash sales at the beginning of the week, with beans to China and corn to Mexico. River levels are heading to record lows by the holiday week, and Russia is attacking Ukraine's export corridor. Export inspections remain steady. 24.0 million bushels of corn were inspected, landing between estimates this week. 61.2 million bushels for soybeans with US in front of Brazil on export origin, with China taking 38.1 mil bu. Wheat was within the range of estimates at 7.6 million bushel inspected. Milo inspected for export was reported at 3.1 million bushels, with China taking the majority. Export sales posted big numbers this week, with 71.2 million bushels of corn, 144.0 million bushels of soybeans, 3.0 million bushels for milo, and 6.5 million for wheat. However, there weren’t any new crop purchases for any commodities.


Local weather today has highs in the low 70s with sunshine and mixed cloud cover. Winds are out of the NNW 5-10 mph. However it remains dry here in the plains, but late this weekend does have a shot at some moisture. The best chance would be 20-40% for some morning showers on Monday the 20th. Pleasant fall/winter weather temperatures for the holiday week, with highs warmer this weekend in the 60-70s. When we get down into the latter part of the week, highs drop to the 40s & 50s with lows in the 30s.

Trivia Answers

  1. The Lion King

  2. LeBron James