Grain > Commentary > 12-6-2022

12/6/2022

Dec 06, 2022

12/6/2022
A nice overnight rally in soybeans followed by the USDA announcing the soybean sales of 264,000 tonnes to China and 240,000 tonnes to unknown for the 2022/23 marketing year push back to levels near our two month highs. If we are able to sustain a move near our September highs, that would be a great area to target for another old crop sale. Also, a hedged-to-arrive contract at $14.00 off the Nov. 23 should be more than just "thought about." Corn tried to manufacture some momentum after filling a downside gap yesterday. March 23 corn was able to trade 5 cents higher shortly after the morning break but spent most of the day in the range of 1-2 cents higher before flipping red. I'm still optimistic we will be able to work back towards the high 6's/low 7's on the board. There's always the possibility of everything happening quick so working sell orders in these areas for corn and soybeans is the best way to capture these values. This is especially true this week, considering how quiet the market has been over the past month and we have the CONAB report on Thursday and the monthly USDA WASDE report on Friday.

Solid gains and above the 200-day moving average for soybeans. We finished well below the high on the day after late session profit taking until buyer’s lifted trade by a nickel going into the close.
bean-chart.png

Read More News

9/12/2025
Sep 12, 2025
USDA report day.  Corn and beans were trading higher pre-report on thoughts of a reduction to yields.  Well....we got what we were thinking but the USDA decided to throw a twist into the mix.  The 25/26 corn yield decreased slightly less than expected by 2.1 bu to 186.7 bpa, but they gave us the largest planted acreage shift on this report in at least the last 20 years (+1.4 mil acres) spurred an increase in production to 16,814 mbu.  25/26 ending stocks were slightly lowered by 7 mbu to 2,110 mbu. 
8/21/2025
Aug 21, 2025
Today the market ran higher on rumors for positive SRE announcements coming soon.  Bean oil was up over $2.  Beans finished the day up 20 cents at 10.56 Nov futures.  There is a chance we could make a run at the 10.74 Nov highs from back in June.  If we get there, I am a seller.  Bean basis remains in the garbage, so a run higher in futures doesn't help that either.  We still don't have a trade deal, so I think any rally is short lived at this time. 
8/15/2025
Aug 15, 2025
Corn and beans both had nice gains heading into the weekend.  Corn might seem terrible as of late, but for corn to only be down 2 cents since report day is impressive.  That was one of the most bearish reports for corn we have seen in quite some time.  Corn finished the week 13 cents off its lows and unchanged for the week.  New crop corn basis has softened a little on the week as the extra 2 million acres and 8 bushels of yield from the report has also scared a few exporters off.