1/23/2024
Jan 23, 2024
Another slow grind for corn while soybeans close higher for the 4th consecutive day. Corn traded to 5 higher but could not held and faded back to end the day unchanged to 1 higher. Soybeans enjoyed another round of nice gains that ranged from 8-15 cents higher with a majority coming within the final hour of the session. March bean spreads also tightened further. If you have basis-fixed soybeans, we need to be diligent here and study this potential opportunity if you are planning to roll. Using today's close, it would cost 8 cents to roll to the May contract and is trending in a favorable direction. There were no USDA announcements or reports today, just some early private estimates for planted acres in 2024. These estimates showed a modest increase in soybeans and decrease in corn acres. Nothing to really get the market moving.