Jan 25, 2023

Corn higher and beans lower overnight turned into role reversal during the day session. Gains evaporated in corn shortly after 8:30, keeping the commodity trading mostly 1-4 lower through the rest of the day. Soybean buying came in on technical support with the March 23 contract trading lower and perfectly kissing the 50-day moving average before bouncing back and setting intraday highs in the final 1/2 hour of trade. Corn was pushing session lows going into the close. USDA sale announcements have become commonplace lately with another 100,000 tonnes of corn and 130,000 tonnes of soybeans both for delivery to unknown during the 2022/23 marketing year announced this morning. Weekly ethanol numbers showed production within expectations, increasing 4,000 barrels/day to 1.01 mln bbls. Stocks increased 1.68 million barrels to 25.08 mln bbls, much more than expected. Something not getting immediate attention is a change in the La Nina/El Nino weather patterns potentially shifting to favor crop production in North America this year.

Soybeans have put together a solid uptrend since the end of soybean harvest. Sitting on the bottom of our trend channel, the recent string of sale announcements and current soybean carryout essentially at pipeline, we are in a spot where traders may look to build some length in soy.

Read More News

Apr 24, 2024
Profit taking was the feature of corn and soybean trade after corn rallied 20 cents and soybeans rallied 46 cents over the past week.  Spread correction was also seen today with May price spreads widening back out 1-2...
Apr 23, 2024
After struggling a bit on the tail end of overnight trade, corn and soybeans traded steady higher and looked their most firm heading into today’s close. After chugging higher for a third consecutive day, we viewed some more...
Apr 22, 2024
Some really nice follow-through after Friday's recovery resulted in some key technical signals for trade. Each pullback throughout the day was met with some fast buying. Corn and soybeans followed wheat's lead. Wheat...