11/12/2020

Nov 12, 2020


11/12/2020
Today was a correction day in Chicago as futures came down from their new highs on Wednesday and the nearby corn returned to their pre-WASDE report price levels.  What we mainly see right now is speculators and funds taking this opportunity for profit taking to liquidate some of their long positions.  Funds are currently estimated long contracts 340,000 of corn and 280,000 of soybeans alone.  New sale announcements have been quiet lately and the bulls need to be fed daily.  Covid headlines continue to be worrisome as a national shutdown continues to be talked about.  Farmer selling was fairly quiet again today, which is not a surprise as the charts and fundamentals still look well supported.  The market cannot go up every day even in a bull market.  Tomorrow we will get export sale numbers at 7:30 am, but I would expect another quiet day.  
 

Read More News

Jul 18, 2024
Another day of tough sledding for corn. There was some brief trade to 1 higher but we quickly went backwards into negative territory, closing just above the current contract lows. Soybeans were lower overnight and then...
Jul 17, 2024
It was a fast start to trade overnight with corn making a little surge to trade 3-5 higher and soybeans 7 higher.  Corn was able to hold on to improve 2-3 cents on the day but soybeans swung all the way back to the red side of...
Jul 16, 2024
Soybeans are now priced off of the November futures.  Corn and soybeans enjoyed a day of higher trade and posted modest gains of 2-5 cents.  The weekly crop ratings report was unchanged from the previous week with...