10/27/2022

Oct 27, 2022


10/27/2022
Another day of sideways trade comes to an end. November soybeans traded 13 cents higher shortly after 8:30 this morning but were unable to hold the move higher. The weekly export sales appeared to show a solid 1.026 mln tonnes of beans sold last week but more than half of that number was previous business switched from unknown destinations. Corn sales disappointed, coming in below expectations at 264k tonnes sold. Doing a year-to-year comparison, 2022/23 corn sales are currently 47% behind and soybean sales run 5% ahead of last year at this time. The savior for the corn market has been domestic demand. Ethanol and livestock appear to be doing "okay" even with the current high price for corn and seek further ownership.

Starting to see some attention being paid to the drought monitor as harvest winds down. The current state is supportive to the market as we go into winter.
drought-monitor.png

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...