Dec 12, 2022

Very interesting price action across the commodity complex with related products trading in opposite directions. After spending most of last week in sell-off mode, corn turned itself around immediately at the open last night. Most months traded from 5-11 cents higher throughout the session before steadying a couple cents under the highs for the day. If looking to price old crop before the end of the year, we have a solid shot at clearing $6.50+ before we turn the calendar over. Soybeans traded double-digits lower almost the entire session after a weekend of good rains in Brazil and Argentina. It's no secret Argentina is dry but simple math shows that the expected increase of acres in Brazil will more than make up for any deficit in Argentine soybean yields. The market took back half of last week's gains just today. Expect January to trade back to its 200-day moving average near the 1450'0 area before this short-term move lower is complete. Last week's export inspections for corn came in at 505k tonnes and soybeans at 1.84 million tonnes. Just "okay" volume.

Corn kept a firm hold on its gains into the close. A quick turn around to the 660-675 area on the March chart is 
November 23 beans have rallied close, or barely through, the $14.00 level 7 times over the past 6 months only to be sold off.

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