12/30/2022

Soybeans appeared to be making another strong move overnight, with some euphoric buying coming in shortly at the coffee break. Holiday trade has made it seemingly easy for soybeans to trade within reach of contract highs and the bull is focused solely on Argentine weather and ignoring a huge soybean crop in Brazil. Spillover support from soybeans and moving average support tried to push March corn out of its wedge pattern to the high side early in the session but had fallen back to unchanged by mid-day. Corn and soybeans continued to fade into the close. The USDA confirmed the sale of 186,000 tonnes of soybeans to unknown for delivery during the 2022/23 marketing year. Market upside feels extremely limited if we sustain these price levels into our final production numbers on January 12. Cash basis continues to be defensive following another day of strong board trade. Reminder: Glacial Plains will be closed on Monday, January 2, 2023. We would like to thank all of our customers and patrons for a wonderful 2022 and we look forward to the opportunity to provide our services to you in 2023.

March corn narrowly escaped an outside reversal lower to end the year. We traded through some long-term overhead resistance but could not hold. We closed below trend-line resistance and just above the 200-day moving average. We are setting up for a breakout shortly after we turn the calendar to 2023.