3/19/2024

After corn and soybeans were lower on Monday, Tuesday's session featured some very stable trade with trading ranges of 5 cents in corn and 10 cents in soybeans. Corn finished 1-3 higher while soybeans were mixed from 2 higher to 2 lower. Weekly export inspections for corn were up nearly 3 million bushels from the previous week. Corn shipment pace now has a 34-million-bushel cushion over the USDA target and this surplus should continue to grow as corn shipments peak sometime in the next 7-10 weeks before the seasonal fall off. Soybean inspections were down from the previous week but continue to build momentum on their pace to meet the USDA export target, swinging from 2 million bushels short to a 6-million-bushel surplus. Markets have stabilized and found some good general support on some serious dry conditions in Argentina and the U.S. early spring now looking like it will be delayed to a more traditional arrival. Our next great marketing opportunity will be next week with the annual planting intentions report.

A really nice close above the 50-day moving average for December corn today. This contract has also put together a solid trend channel higher since setting our major low in February. I like HTA’s and new crop sales both anywhere in between 480-485 futures going into next week’s planting intentions report.