3/28/2023

Mar 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.
bean-chart.png

Read More News

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....
Aug 12, 2024
The USDA's August WASDE report gave the market more than just a snack to chew on. We are finally seeing some official numbers get hashed up after a planting season that had many wondering about acres. The report...