Nov 07, 2023

Corn and soybeans spent most of the overnight session stuck in lower trade but the 8:30 re-open saw a big shot of life return to the soybeans. Beans moved higher quickly up to the mid-day point of the session, with gains of up to 16 cents, but were unable to hold. We quickly faded away off of the fresh highs and found lower trade, once again. Corn was never able to take advantage of the strength in soybeans and only able to trade at unchanged or lower and ended Tuesday with losses of 6-7 cents. Losses in soybeans ranged from 2-13 cents. This past week's large move higher in beans had been fueled by rumors of export business and the price action in soybean spreads finally provided validation today. The USDA confirmed the sale of 110,000 tonnes of soybeans for delivery to China during the 2023/24 marketing year. We've hit a couple of price targets very quickly in soybeans so now would be a good time for the market to take a breath and the opportunity for a healthy pullback.

A quick trip to touch the July trendline today before fading back to a 2 lower finish. A correction to the downside should not come as a surprise after such a large move higher. Excellent moving average and trend line support underneath the current levels.

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