10/19/2023

Oct 19, 2023


After failing on the three previous attempts, December corn finally pushed through the $5 level in fairly strong fashion.  While there were some rumors of export business early on, today's trade seemed to be driven by funds exiting length in the cattle trade and unloading short corn positions.  Similar to what we see on the soybean charts, corn has some hurdles to jump just above the current level.  On the December chart, we have the 100-day moving average at 509, a gap to fill at 525, and the 200-day moving average at 536.  November soybeans set a new high for October as the sun rose this morning and were sold off around mid-morning on hedge pressure, down to the 1300 level where money was more than ready to protect and buyers came back in swiftly.  On November soybeans, resistance sits at the convergence of the 100- and 200-day moving averages near 1317'4, trade and hold above that and we have some room overhead to run.  Given our -60 basis, cash sales in the $12.60-12.65 area are a healthy start.  Upside potential towards the $12.90 cash area is realistic at this time.

Read More News

Apr 24, 2024
Profit taking was the feature of corn and soybean trade after corn rallied 20 cents and soybeans rallied 46 cents over the past week.  Spread correction was also seen today with May price spreads widening back out 1-2...
Apr 23, 2024
After struggling a bit on the tail end of overnight trade, corn and soybeans traded steady higher and looked their most firm heading into today’s close. After chugging higher for a third consecutive day, we viewed some more...
Apr 22, 2024
Some really nice follow-through after Friday's recovery resulted in some key technical signals for trade. Each pullback throughout the day was met with some fast buying. Corn and soybeans followed wheat's lead. Wheat...