2/1/2023

Two-sided trade in corn as we seem to have old and new crop contracts trading independently from each other in corn.  Soybeans saw some higher trade at the beginning of the overnight session but flipped negative quickly.  Spreads have been correcting this week after largely firming last week.  Daily lows were set shortly after 11 a.m. when money decided it was time to stop selling and start buying.  Corn found just enough buying interest on the front end to finish 1-5 higher.  We continue on trading mostly sideways within our ranges.  After confirming 112,000 tonnes of corn to Japan for delivery during the current marketing year on Monday morning, the USDA has been quiet at 8 a.m. the past two mornings.  Weekly ethanol numbers showed a bump of 16,000 barrels/day in production to 1.03 mln barrels/day and stocks falling by 635,000 bbls to 24.44 mln barrels.  For customers with basis-fixed and HTA contracts against the March futures, we have a little over 3 weeks to execute so please be thinking about what your plan is.  Whether you are going to roll to the May or price them out, have orders working.