6/5/2023

Jun 05, 2023


It is safe to say that we have fully submersed ourselves into a weather market!  Following Friday's largely bullish reversals and higher trade Sunday night, corn and soybeans flipped to the red shortly after the 8:30am open.  These funds and algorithms are trading updated weather forecasts by the hour!  Just like we mentioned a few times over these past couple weeks, these rallies can happen fast with larger moves than what is expected.  These rallies can also be done just as quickly, leaving some feeling like they missed out.  Using sell orders going forward is key to maintaining a strong average and capitalizing on higher trade when it’s there.  Weekly export inspections for corn and soybeans both came within their expected ranges with 1.181 mln tonnes of corn and 214k tonnes of soybeans shipped last week.  For the year, corn shipment pace shrinks its deficit from 92 million to 80 million bushels behind the USDA target.  Soybean shipment pace falls back by 5 million bushels to 42 million bushels ahead of the USDA target.  Trade expects the USDA to lower crop ratings in this week's update which could lend some support and help stabilize trade.

outlook.png

Read More News

Mar 25, 2024
Soybeans pop higher to begin the week and corn bounced around from 2 higher to 2 lower in choppy trade.  With the planting intentions report coming out on Thursday, I expect this type of price action in corn to be...
Mar 22, 2024
The markets opened flat on Thursday evening and soybeans just could not find a bid to end the week. Soybeans finished deep in the red with 14-18 cent losses but down only 6 cents on the week. Corn recovered...
Mar 21, 2024
Grains popped big just after the overnight session opened.  Corn and soybeans chased to fresh highs for the move but quickly retreated.  Trade managed to hold on to some okay gains of 1-2 cents in corn and wheat and...