1/5/2022
Jan 05, 2022
The market took a bit of a breather today after yesterday's move higher. Corn traded lower the entire session along with wheat. Beans traded both sides of unchanged and finished higher once again up 5 cents on the day. We did make a new high for the move today on both old and new crop bean futures to continue the trend. It's all about new money into a new year and a South American forecast that is worrisome. Be careful and continue to scale up on sales for both old and new crop corn and beans. Can we go higher? Sure, we can but if the forecast changes in South America this market could break in a blink of an eye. I would like to point something out today that I found very interesting on Twitter. This week's Argentina crop condition ratings had beans at 56% good to excellent, 36% fair, and 8% poor to very poor. One year ago, to compare their crop condition ratings were 36% good to excellent, 56% fair, and 8% poor to very poor. I am not saying there is not a problem brewing by any means, but I am saying it might be a bit early to throw in the towel on their crop. We found out what timely rains can do last year. Looking at some charts here are my current targets. March bean futures have resistance at 13.995, if we can break that 14.45 is next target. The Nov bean futures target is 13.13. The March corn target is our previous high of 6.17 futures and the Dec target is 5.65 futures. If you want to get some orders working let us know.