3/28/2023

Corn was quietly mixed but soybeans completed a fourth consecutive session with sizeable gains, continuing on their sharp trajectory upward. Looking at the charts, corn has likely recovered as much as possible ahead of Friday's big reports. Soybeans have some limited upside potential, yet, with room to print 10-20 cents above today's closes. We had another corn sale confirmed by the USDA this morning, this time for 136,000 metric tons of corn for delivery to China during the 2022/23 marketing year. Full trade estimates for Friday's prospective plantings: Corn ranges from 87.677-92.050 million acres, average of 90.880 mln; soybeans range form 87.350-89.620 million acres; average of 88.242 mln; all wheat ranges from 45.744-49.950 million acres, average of 48.852. For comparison, final production numbers for 2022 were 88.579, 87.450, and 45.738 million acres, respectively. With this solid bounce back in futures, we are nearing some nice benchmark prices, once again. Cash grain values near $6.50 corn and $14.40 soybeans should be paid attention to. As always, have sell orders working on report day!

I expect our short-term move on November beans to meet some stiff resistance in between the 50% retracement and the January low (1317’0-1330-2) unless the USDA surprises us with acres on Friday.