Grain > Commentary > 10-28-2022

10/28/2022

Oct 28, 2022

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.

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11/14/2025
Nov 14, 2025
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9/12/2025
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8/21/2025
Aug 21, 2025
Today the market ran higher on rumors for positive SRE announcements coming soon.  Bean oil was up over $2.  Beans finished the day up 20 cents at 10.56 Nov futures.  There is a chance we could make a run at the 10.74 Nov highs from back in June.  If we get there, I am a seller.  Bean basis remains in the garbage, so a run higher in futures doesn't help that either.  We still don't have a trade deal, so I think any rally is short lived at this time.