Jan 12, 2023
The big report dropped at 11 a.m. and brought some fireworks with it. USDA raised corn yield by one full bushel and lowered corn exports by 150 million bushels. Surprising trade was the cut to harvested corn acres, which was lowered by 1.6 million acres. The numbers trickled down the balance sheet to a small net change lower to corn ending stocks. The soybean side of the report was expected to be mostly white noise but the USDA surprised the market with cuts of 0.7 bu/ac in yield and 0.3 mln harvested acres. The weekly export sales held the market in check prior to 11 a.m. with another poor showing. Corn sales were a miss at 256k tonnes and soybeans were mid-range at 717k tonnes. Corn sales were short of the pace needed to meet the USDA's target by 342 million bushels and soybean sales matched the pace needed to meet their target using the export forecasts prior to 11 a.m.
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Sep 20, 2023
Corn and soybeans reverse fortune to come back. After trading a fresh low, corn flipped the script to close 4-6 higher on the day after running into the 20-day moving average. The 20-day MA has been a spot of resistance...
Sep 19, 2023
The markets were extremely uneventful on Tuesday. Trade was two-sided throughout the session and 10 cents or less covered the ranges in both corn and soybeans. Weekly crop progress showed the corn and soybean crops...
Sep 18, 2023
A bit of an ugly start to the week for corn, soybeans, and wheat. Corn and soybeans held steady/sideways throughout overnight trade but immediately broke support at the 8:30am opening. Corn finished 4 lower where...