1/31/2023

Weaker overnight markets were seen as buying opportunity for the 8:30am crowd.  Corn traded 4 lower overnight before money flowed in on the long side, pushing the March contract to within 1/2 cent of a fresh 3-month high.  The 685-688 area on Mar 23 corn is establishing itself as resistance and defining the top end of our trading range.  Money exited rather quickly and corn was back to lower trade on the front three contracts by noon.  Money flow was similar in soybeans where we traded 9-13 cents lower overnight before the morning buying frenzy sent us to our daily high.  Corn and soybeans both ended the day mixed, all within 1-4 cents of unchanged.  Money is trying to trade Brazil weather and put a bullish spin on a slower soy harvest and safrihna corn planting.  Next week is the USDA's first chance at adjustments to the crop balance sheets since issuing the final production numbers earlier this month.  Corn is likely to remain unchanged but soybeans could see some adjustments to exports.