10/18/2023

Oct 18, 2023


Solid bounces higher in both corn and soybeans on Wednesday.  The market seems to becoming more comfortable with the idea that seasonal lows have been set for grains and funds have been working towards reducing their short position in corn.  Yield reports from around the country are telling us that we have a solid average crop in hand with a high variability.  This morning, the USDA confirmed the sale of 132,000 tonnes of soybeans for delivery to China during the 2023/24 marketing year.  Weekly ethanol data showed an increase in production by 31,000 barrels/day to 1.035 mln bpd.  Stocks were off 400k barrels down to 21.1 million bbls.  Ethanol margins are lucrative and continue to improve.  We need ethanol to maintain corn demand until some export business materializes.

Corn continues to consolidate just below the $5 level and could continue to do so for a couple more weeks.  Two months of boring, range-bound trade will fuel a large breakout.

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...