1/17/2024

There was a macro effect on the market today that saw almost all commodities and stocks stuck in lower trade.  Corn showed some life this morning, trading to 5 higher but was quickly sold off and finished 1-2 lower on the day.  Soybeans also briefly traded higher but were largely weak after the mid-day point, closing the day near our fresh lows set on report day.  Until we can move a little further into 2024, markets will continue to grind and chop.  Corn's issue is not a lack of demand or use, exports are forecasted to be roughly 450 million bushels more than the 2022/23 marketing year.  Corn's issue is a very good crop has swelled its stocks/use ratio nearly 5%, up to 14.8%, for the 2023/24 marketing year.  The soybean stock/use ratio is basically unchanged from last year, it's the acres increase in Brazil that is the black cloud over the market.  They are now on the door step of a large harvest and the market will see a fresh, readily available supply of soybeans over the next couple of months.