10/28/2022

Corn traded 2-4 lower for most of the day until some late technical buying came in, corn bounced off of its 50-day moving average on the charts and managed to finish around 1 lower on the day to keep itself on trend. Soybean price action was similar with the commodity spending a majority of the session around 5 cents lower until buying came in after the mid-day point and momentum built as it flipped positive on the day. Soybeans finished 5-8 cents higher and stay on trend. The USDA confirmed two soybean sales at 8 a.m. this morning that included 126,000 tonnes to China and 198,000 tonnes to Spain, both for delivery in the 2022/23 marketing year. Big gains on Wall Street today as of about 1:30 with the DOW 750 points higher, the NASDAQ 300 higher, and the S&P 80 points higher.