3/22/2023

Mar 22, 2023


After a negative overnight session, corn rebounded on the front month with uneventful, mostly lower trade from July 23 and out.  Soybeans continued lower in very weak fashion, ending the day 18-25 cents lower.  CFTC released data from the week ending March 14 yesterday afternoon where data showed managed money had established a net short position in corn for the first time since August 2020 and a net short position in soy oil for the first time since September 2020.  The data shows funds still hold a net long position in oil seeds but they have liquidated nearly 80% of their length.  The USDA confirmed the sale of 178,000 metric tons of corn for delivery to China during the 2022/2023 marketing year.  Weekly ethanol showed production down 17,000 barrels/day to 997k bpd and stocks off 206k barrels to 26.2 million bbls.  Holding most market spaces in check today was anticipation of the Fed continuing to raise interest rates.  The Fed announced a 25-bps rate increase which was in-line with market expectations but did acknowledge that further tightening was likely in the future.

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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....