Mar 06, 2024

Corn and soybeans mostly drifted around on Wednesday. Corn ventured back and forth on either side of unchanged before firming up at the close to finish 1-2 cents higher. Soybeans spent the day trading from 4 higher to 9 lower until picking up a bid at the end of the session to close from unchanged-2 lower. Corn's ability to hold above the 10-day is certainly giving confidence to those who have entered long positions over the psat week. It appears the funds are satisfied with the size of their current short position, the only thing really holding back corn and soybeans has been this week's wheat trade which has felt some serious pressure from increases in global production forecasts and rumors of U.S. exports being canceled. While analysts are not expecting any fireworks from the U.S. crop balance sheets, they are looking for some sizeable cuts in Brazil production.

Corn is getting a little squeeze between the 10- and 20-day moving averages and appears comfortable to ride this price consolidation into Friday’s report. If we can get some sort of friendly twist, even a small one, we have potential for a small breakout higher and would present an opportunity for the market to sneak back up to the 50-day.

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