Dec 07, 2022
Soybeans opened higher to begin the overnight and never looked back, once again, making a strong run to levels near our fresh 60-day highs set last week. The two-week sell-off in wheat appeared to turn the tide today with Chicago and KC wheat posting 18-20 cent gains on the day and Minneapolis wheat improving 5 cents. Corn benefited mostly from the outside strength in beans and wheat but was also helped out by the weekly ethanol report showing higher than expected production and stocks. Production was up 59,000 barrels/day to 1.08 million bpd. Stocks increased 323,000 barrels to 23.26 million bbls. There was a potential key reversal higher on the corn charts this morning but trade was not able to hold. Corn still finishes the day 3-4 cents higher in firm fashion. With a couple notable reports still due out this week, cash beans in the high $14's is a possibility. The $14 level on November 2023 soybean futures has developed into an area of stiff resistance and is not a bad place to start marketing next year's crop. Trade can move quickly on report days so have sell orders working!
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Nov 27, 2023
Corn and soybeans begin the week down as lower continues to be the path of least resistance. Grains as a whole were largely weaker with wheat double-digits lower and corn finishing with 5-7 cent losses and new 2 1/2...
Nov 22, 2023
Once again, soybeans were the price leader but trade was in heavy risk-off mode in soy. Corn and soybeans bounced around between 1-3 cents lower overnight before selling took over after the morning break. Rains...
Nov 21, 2023
January soybeans have now traded a sixty-cent range over the past two days which includes their lowest quote since November 3 and also trading within a dime of the 3-month highs set just last week. Today's session...