1/10/2022

Jan 10, 2022


1/10/2022
Sometimes the market becomes too "obvious."  Opening calls for Sunday night were higher but a lower open spurred liquidation.  There was broad macro sell-off today including not only ag commodities but oil, gold, stocks and indexes, as well.  The DOW traded around 600 lower and the NASDAQ about 400 lower at one time today.  We did have an 8am sale announcement this morning with the USDA confirming the sale of 132,000 tonnes of corn for delivery to Mexico, with 77k tonnes in the 2021/22 marketing year and 55k tonnes in the 2022/23 marketing year.  Weekly export inspections were mid-range for corn with 1.023 million tonnes inspected for shipment, soybean inspections were below the minimum estimate with 905k tonnes inspected.  As of now, corn shipment pace falls short of the USDA target by 150 million bushels, improving from the 175 million bushels mark two weeks ago.  Soybean shipments exceed the pace needed to hit the USDA target by 10 million bushels, down from 21 million bushels two weeks ago and 18 million bushels last week.  With last year's South American weather story, many experts expected Brazil to be importing corn at this point but they continue to ship corn out at a steady pace.  Big report day on Wednesday that includes the monthly WASDE and quarterly grain stocks reports.  Always recommend having sell orders working on report days. 

Read More News

Apr 24, 2024
Profit taking was the feature of corn and soybean trade after corn rallied 20 cents and soybeans rallied 46 cents over the past week.  Spread correction was also seen today with May price spreads widening back out 1-2...
Apr 23, 2024
After struggling a bit on the tail end of overnight trade, corn and soybeans traded steady higher and looked their most firm heading into today’s close. After chugging higher for a third consecutive day, we viewed some more...
Apr 22, 2024
Some really nice follow-through after Friday's recovery resulted in some key technical signals for trade. Each pullback throughout the day was met with some fast buying. Corn and soybeans followed wheat's lead. Wheat...