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.
