Grain > Commentary > 3-13-2024

3/13/2024

Mar 13, 2024

Corn finishes fractionally mixed and soybeans around 1 cent mixed, as well, after both test the high and low side on Wednesday. We weren't able to follow-through on yesterday's strength in soybeans but our daily range was one of the narrowest we've seen in a while. Also, volume was very light compared to the past two weeks. The market has put together a decent rally since we bounced off a significant low on February 26 and now is the time to seriously consider getting caught up on old crop sales and getting your foot in the door with a good shot of new crop sales, as well. Weekly ethanol data showed production and stocks both off from the prior week with production decreasing by 33,000 barrels/day to 1.024 mln bpd and stocks off 300k barrels to 25.8 mln bbls.

December 24 corn: Trade has attempted to break through Dec’s 50-day moving average the past two days but has not been able to hold. There’s been a solid uptrend develop over the past two weeks but trade will need something fresh if we want to sustain this rally further. The 50-day MA is an obvious hurdle but I am also watching the 480’0 area where we traded for a few weeks in late Jan-early Feb.

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