Dec 06, 2023

Corn and soybeans both take a hit after showing some early session strength. After trading 3 higher in corn and 8-9 cents higher in soybeans, the market quickly retreated. Corn ends the day down 6 and soybeans down 9-14. Weekly ethanol data showed an increase in production of 65,000 barrels/day to a total of 1.076 mln bpd. Ethanol stocks were unchanged from the previous week at 21.4 mln barrels. The USDA made two export sale announcements this morning, both for delivery to China during the 2023/24 marketing year. The sales included: 372,000 tonnes of soft red winter wheat and 136,000 tonnes of soybeans.

Corn appeared set to challenge the upper-end of its trading range this morning but was quickly beaten back. The 50-day moving average maintains itself as the nearest point of resistance. Resistance at this point was last tested back on 11/15 with the same result.

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