Nov 17, 2022

Grains were lower for a majority of the session but corn was able to flip the front months higher late in the day. Soybeans also made an impressive recovery off of their intraday lows, ending the day 10-12 cents lower after trading 20-23 cents down. No major news or headlines for corn today as the path of least resistance remains to the downside but still holding technical support above 650'0. Soybeans reeled back today as conditions improved in Argentina with some scattered rains and Brazil weather is steadily favorable for crop development. After weeks of modest volumes, last week's export sales impressed. The weekly report showed corn sales netting 1.17 mln tonnes and soybeans outperforming estimates in a big way at 3.03 mln tonnes. We were confident that last week's sudden down turn in the markets would be what we needed to get fresh demand rolling in and it appears to have done that.

Trade has been defending the downside in corn all week, ping-ponging between the 100 and 200 day moving averages. This week’s price action has been anything but bearish. Ending the week above the 200-day average would be good support going into a holiday week that will likely feature light volume.

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...