Jan 19, 2024

A solid effort was made for a small run higher in corn and soybeans to end the week.  Throughout the overnight session and the first half of the day trade, corn and soybeans had the look of trying to reverse higher out of the short-term trends but the finish left something to be desired.  The USDA made a flash sale announcement this morning for 297,000 tonnes of soybeans for delivery to China during the 2023/24 marketing year.  Trade was also given some confidence to hit the buy button following a strong weekly export sales report.  Corn sales slightly outperformed trade expectations with 1.251 mln tonnes of corn sold last week.  Soybeans were on the upper end of expectations with 781k tonnes sold.  This was exactly what we needed following a couple short holiday weeks that included some less-than-impressive sales.  It should be expected that any type of significant rally will be met with some serious selling from the farmer and basis will get defensive in a hurry.  March corn spreads tightened even further today and it appeared some corn export business may finally be getting completed.

Read More News

Jul 18, 2024
Another day of tough sledding for corn. There was some brief trade to 1 higher but we quickly went backwards into negative territory, closing just above the current contract lows. Soybeans were lower overnight and then...
Jul 17, 2024
It was a fast start to trade overnight with corn making a little surge to trade 3-5 higher and soybeans 7 higher.  Corn was able to hold on to improve 2-3 cents on the day but soybeans swung all the way back to the red side of...
Jul 16, 2024
Soybeans are now priced off of the November futures.  Corn and soybeans enjoyed a day of higher trade and posted modest gains of 2-5 cents.  The weekly crop ratings report was unchanged from the previous week with...