Jan 27, 2023

Corn and soybeans were quietly higher overnight and spent most of the day session lower in quiet fashion, as well. Corn found some fresh buyers for the March 2023 contract in the final hour of trade. Overall, price action was muted and daily ranges were relatively tight up to that point. Spreads strengthened in corn as we progressed through the week. Those with basis-fixed contracts that would like to extend their marketing window can roll from March to May futures with a net gain of 2 cents at the close today. We haven't had an opportunity like this since military action between Russia and Ukraine began in February of 2022. New crop corn contracts have not performed as well this week making it easy to determine that this week's moves have been money driven by speculators buying the front month. This is money that can leave the market at any moment!

Corn trade overall was strong this week but now we are back into some familiar territory. This is the third time in the past 30 days we have traded in the high 6’s, we have retreated quickly the past 2 times. With money loaded on the front end, this reads susceptible to profit taking to start next week.

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