12/7/2022
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!
