Grain > Commentary > 1-3-2024

1/3/2024

Jan 03, 2024

Corn and soybeans lightly spring-boarded back after a set of fresh lows overnight. Soybeans currently have the friendliest set-up on the charts with yesterday's large gap and the moving averages all well above the current trading levels. Corn does have some room in its current trading range to rebound but several points of resistance lie between today's close and what would make for a nice price rally. Soybeans end the day with gains of 1-4 cents and corn finished slightly mixed ranging from fractionally lower to one cent higher. The USDA has not made any 8 a.m. sale announcements for more than two weeks with our most recent sale confirmation coming back on December 19, 2023. Futures spreads over the past two days have been firming/tightening which included some interesting action off the March corn spreads during today's session. There were no rumors of export business today but someone appeared interested in buying the front-end of corn futures.

Read More News

9/12/2025
Sep 12, 2025
USDA report day.  Corn and beans were trading higher pre-report on thoughts of a reduction to yields.  Well....we got what we were thinking but the USDA decided to throw a twist into the mix.  The 25/26 corn yield decreased slightly less than expected by 2.1 bu to 186.7 bpa, but they gave us the largest planted acreage shift on this report in at least the last 20 years (+1.4 mil acres) spurred an increase in production to 16,814 mbu.  25/26 ending stocks were slightly lowered by 7 mbu to 2,110 mbu. 
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.