Nov 30, 2022
Soybeans solidify their move higher, setting fresh 60-day highs while the market appears it wants to keep marching up towards a potential test of resistance near the $15.00 level on the January chart. Yesterday, corn matched its high mark from the past two weeks but follow-through buying today was stagnant/non-existent and corn was unable to capitalize on the strength in soy and wheat. Today's solid gains in wheat were a surprise considering the fast improvement in the winter wheat conditions. Corn spent the month of November consolidating between the 50- and 100-day moving averages. We were able to hold a key support level at 650'0 halfway through the month and we have a slow, short-term trend higher developing off of that support. Lending overall support to commodities today was the U.S. House of Representatives backing a bill that would impose legislation and prevent the rail unions from striking. Weekly ethanol data showed a decrease in output of 23,000 barrels/day to 1.018 mln bpd and stocks increasing 100,000 barrels to 22.93 mln bbls.
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Sep 20, 2023
Corn and soybeans reverse fortune to come back. After trading a fresh low, corn flipped the script to close 4-6 higher on the day after running into the 20-day moving average. The 20-day MA has been a spot of resistance...
Sep 19, 2023
The markets were extremely uneventful on Tuesday. Trade was two-sided throughout the session and 10 cents or less covered the ranges in both corn and soybeans. Weekly crop progress showed the corn and soybean crops...
Sep 18, 2023
A bit of an ugly start to the week for corn, soybeans, and wheat. Corn and soybeans held steady/sideways throughout overnight trade but immediately broke support at the 8:30am opening. Corn finished 4 lower where...