1/8/2024

Jan 08, 2024


The markets were off to a rocky start to begin the week of our final production report. Since the completion of harvest, wheat had been the lone bright spot for U.S. export business but rumors began brewing over the weekend that a portion of these extra wheat sales were now getting canceled along with some soybean sales. Given current market conditions, the rumors were all that was needed for trade to continue lower. After hanging steady overnight, the 8:30 opening bell brought some heavy selling along with it. Corn trickled into some fresh 3-year lows while soybeans look like they will test support at the trendline ranging from the Covid lows to the May 23 lows at some point this week. Weekly export inspections for corn were solid last week and near the high side of expectations at 857k tonnes. Last week's soybean shipments underwhelmed and missed their trading range to the low side at 675k tonnes shipped. Shipment pace for soybeans continues to tumble, falling from 36 million bushels short last week to 57 million bushels shy of the USDA target this week. Corn shipments gained some ground, flipping from 5 million bushels short of the USDA target to a 3-million-bushel surplus.

Corn broke out to the bottom side today, taking out an 8 month trendline. Will need some major influence on the market to recover, at this point.

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Mar 11, 2025
The monthly USDA WASDE report was today and it was about as boring as it can get.  The USDA took the month off leaving corn and beans carryouts unchanged.  Corn remains at 1.540 billion bushels and beans at 380 million bushels.  World ending stocks were slightly lowered on both corn and beans.  World corn was pegged at 288.94 million tonnes vs 290.3 million tonnes previously.  World beans were pegged at 121.4 million tonnes vs 124.3 million tonnes previously.  All of the South American crop production estimates were also left unchanged.  
Aug 30, 2024
Corn picks up 10 cents and soybeans improve just over 25 cents on the week to go into the holiday weekend on a positive note.  Soybean export sales have picked up the pace in a big way.  At the end of last week, sales...
Aug 23, 2024
Corn trade was flat at 2 lower throughout a majority of the day to take us back to where we started the week.  Soybeans were 9-11 higher in what looks to be a dead-cat bounce in the middle of nowhere on the charts....