1/30/2024

Jan 30, 2024


A much-needed turn around Tuesday. Soybeans put up a solid reversal higher, coming back from trading 7 lower to finish 24 higher on the day. Corn trade followed soybeans with less excitement and was unable to take out yesterday's high until the final buzzer. Regardless, a stronger showing across the ag commodity sector as a whole. In general, current fundamentals are not friendly. Corn ending stocks are well above 2 billion bushels and the current soybean export pace says we will have more soybeans leftover than what the USDA is currently showing. Just an average growing season in the U.S. is not supportive to our current price levels. What we need is some sort of outside influence to turn the tide and get the managed money crowd interested in shedding their short positions. Today's big market mover was potential military action by the United States overseas. If you've paid attention over the past couple years, the market volatility has provided an education in risk premium and headline trading. We will have to see some serious follow-through on today's action and push through some moving average resistance to manufacture a real rally.

March soybeans finished just above their 10-day moving average and have about 15 cents of room overhead before running into the 20-day moving average. The 20-day is the point of resistance where our previous bounce ran out of steam.

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