1/23/2024

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.