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.
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