Grain > Commentary > 1-24-2023

1/24/2023

Jan 24, 2023

1/24/2023
Corn took back Monday's losses, completing a full recovery for a "turnaround Tuesday."  We started out higher to begin overnight trade and held gains into the coffee break.  After we re-opened at 8:30, corn was able to maintain momentum but soybeans could not hold and slipped to negative trade by the mid-day point.  We've been patiently waiting for some 8 a.m. corn export announcements and the USDA finally came through this morning with 130,000 tonnes of corn for delivery to unknown during the 2022/23 marketing year.  Bids on the PNW have perked up slightly but values aren't anything special.  This is a good start but we need more!  Corn failed to break out of its 3-month range following our big January report day which means the inevitable break out will be even bigger.

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9/12/2025
Sep 12, 2025
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8/21/2025
Aug 21, 2025
Today the market ran higher on rumors for positive SRE announcements coming soon.  Bean oil was up over $2.  Beans finished the day up 20 cents at 10.56 Nov futures.  There is a chance we could make a run at the 10.74 Nov highs from back in June.  If we get there, I am a seller.  Bean basis remains in the garbage, so a run higher in futures doesn't help that either.  We still don't have a trade deal, so I think any rally is short lived at this time. 
8/15/2025
Aug 15, 2025
Corn and beans both had nice gains heading into the weekend.  Corn might seem terrible as of late, but for corn to only be down 2 cents since report day is impressive.  That was one of the most bearish reports for corn we have seen in quite some time.  Corn finished the week 13 cents off its lows and unchanged for the week.  New crop corn basis has softened a little on the week as the extra 2 million acres and 8 bushels of yield from the report has also scared a few exporters off.