2/29/2024

Feb 29, 2024


Corn and soybeans tested the downside early Thursday after spending the first part of the week in higher trade. Soybeans set fresh lows for the move, down as much as 17 cents, before recovering to finish 1-4 cents in the red. Corn kept its trend of higher lows for the week intact despite trading 5 cents lower and closing the day mixed with minimal gains. May corn did not reach high enough to test resistance at its 20-day moving average but just the fact it was able to recover off of lower trade and hold is encouraging. With the calendar changing to March, the next couple sessions will tell us if what we have seen so far this week is just profit taking by the funds or that the market has truly set a significant low and we've bottomed-out (for now). Corn export sales last week were just above average and at the high end of the trade range, netting out at 1.082 mln tonnes sold. Soybean sales continue to sputter on the low side with only 160k tonnes sold. 2023/24 export sales volumes are relatively close to what the USDA is forecasting. What we need is some extra business to help erode our current ending stocks on the balance sheets.

This week’s price action has put together a technically sound setup for a further rally in corn. To start the week, we saw a strong key reversal higher off a fresh low on Monday. Yesterday, we were able to trade through and hold above the 10-day moving average. Finally, today’s trade put a doji candle on the charts which it appears the fresh length protected their positions. If May corn can trade above and close last week’s high of 434’0, that weekly reversal would be a huge indicator that we have set significant low.

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Mar 11, 2025
The monthly USDA WASDE report was today and it was about as boring as it can get.  The USDA took the month off leaving corn and beans carryouts unchanged.  Corn remains at 1.540 billion bushels and beans at 380 million bushels.  World ending stocks were slightly lowered on both corn and beans.  World corn was pegged at 288.94 million tonnes vs 290.3 million tonnes previously.  World beans were pegged at 121.4 million tonnes vs 124.3 million tonnes previously.  All of the South American crop production estimates were also left unchanged.  
Aug 30, 2024
Corn picks up 10 cents and soybeans improve just over 25 cents on the week to go into the holiday weekend on a positive note.  Soybean export sales have picked up the pace in a big way.  At the end of last week, sales...
Aug 23, 2024
Corn trade was flat at 2 lower throughout a majority of the day to take us back to where we started the week.  Soybeans were 9-11 higher in what looks to be a dead-cat bounce in the middle of nowhere on the charts....