3/21/2024

Grains popped big just after the overnight session opened.  Corn and soybeans chased to fresh highs for the move but quickly retreated.  Trade managed to hold on to some okay gains of 1-2 cents in corn and wheat and 2-4 cents in soybeans but were all well off of their highs.  A close higher of any kind after seeing that type of sell-off is an accomplishment.  We were also very close to hitting some pre-acres report price targets last night and the price action we experienced today is a prime example of why sell orders need to be working.  Given current Murdock basis: $4.05-4.10 cash corn, new crop corn at $4.25 or a Dec HTA between 480 and 485 futures.  Cash soybeans at $11.50-11.60, new crop soybeans at $11.50-11.70 or a Nov HTA between 1220-1240.  Weekly net export sales were mid-range for corn and soybeans with 1.186 mln tonnes of corn sold and 494k tonnes of soybeans sold last week.  As expected, wheat was a net cancellation of 110k tonnes.