2/14/2023

Feb 14, 2023


2/14/2023
Corn and soybeans appeared to be building strength for a move higher and extending the current ranges during the overnight session but trade was ready to sell at what would be considered the top-end of our price levels for 2023 (so far). Late yesterday, it was announced that Mexico would scrap a deadline to ban genetically modified corn for animal feed and industrial use but retained plans to prohibit use of the grain for human consumption. This removes a January 2024 deadline. When this was first announced by Mexico, the U.S. trade did not take it seriously and continued to call Mexico's bluff. Mexico is the single largest importer of U.S. corn. The ban would have hurt U.S. corn demand but Mexico really had no other reasonable options to source corn from. I'm sure this is the only example in history where something put on paper by a government body didn't make sense. As fast as the export sale announcements from the USDA were turning into part of our daily routine, they have gone silent just as quickly.

After trading their highest marks since early June yesterday, soybean charts are putting together a potential triple top. There is a similar look on the corn charts, as well.
bean-chart.png

Read More News

Jul 18, 2024
Another day of tough sledding for corn. There was some brief trade to 1 higher but we quickly went backwards into negative territory, closing just above the current contract lows. Soybeans were lower overnight and then...
Jul 17, 2024
It was a fast start to trade overnight with corn making a little surge to trade 3-5 higher and soybeans 7 higher.  Corn was able to hold on to improve 2-3 cents on the day but soybeans swung all the way back to the red side of...
Jul 16, 2024
Soybeans are now priced off of the November futures.  Corn and soybeans enjoyed a day of higher trade and posted modest gains of 2-5 cents.  The weekly crop ratings report was unchanged from the previous week with...