11/7/2023

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.

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...