Oct 12, 2020
Today turned out to be correction day. We got a friendly report on Friday and were unable to make new highs today. We finished right at support at 10.33 November futures. The next level of support is 10.23. Corn has a ways to go to hit support at 3.83 and 3.76 December futures. The main reason for the correction today seems to be added rain in the forecast for Brazil. It doesn't take much to drop the market like this when the funds are at record lengths and taking profits. With that being said do I think the bean market is over? I doubt it. The 290 carryout the USDA just gave us remains friendly. This winter we will still likely see wild swings trading demand news, South American weather, and of course the election. Buckle in for a while. This correction is overdue without a doubt. The corn report was not real friendly, as it continues to follow the soybean market. The DOW is up 250 points as we close in on that 29k level we can't seem to hold. We will not get an updated harvest pace until tomorrow since it is Columbus Day.
Read More News
Nov 27, 2023
Corn and soybeans begin the week down as lower continues to be the path of least resistance. Grains as a whole were largely weaker with wheat double-digits lower and corn finishing with 5-7 cent losses and new 2 1/2...
Nov 22, 2023
Once again, soybeans were the price leader but trade was in heavy risk-off mode in soy. Corn and soybeans bounced around between 1-3 cents lower overnight before selling took over after the morning break. Rains...
Nov 21, 2023
January soybeans have now traded a sixty-cent range over the past two days which includes their lowest quote since November 3 and also trading within a dime of the 3-month highs set just last week. Today's session...