Jan 12, 2024

The USDA did not pull any punches when it came to the January WASDE and shocked the market with a record yield for the U.S. corn crop.  The USDA did what it could to soften the blow on the corn ending stocks.  First, by cutting 600,000 off of the acres harvested and then increasing most of the usage categories.  If it wasn't for those changes, the balance sheet rockets to a 2.4 bln bushels of ending stocks in corn.  Soybean numbers weren't as negative but a 0.7 bu/ac uptick in yield results in our ending stocks going to a not-as-tight 280 million bushels, up from 245 million bushels in our previous report.  Just last fall, 23/24 soybean ending stocks were estimated down near 200 million bushels.  Soybeans traded their lowest levels in two years following the report but had recovered nicely going into the close.

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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...