Apr 01, 2021
After closing limit higher yesterday, it was hard to imagine we would finish the week with a red leg on the chart for the old crop months. Last night, May corn gapped higher on the open by 11 cents and May beans put up an 8-cent gap with both wasting little time trading to 20 higher. It was a downhill slide after that with managed money and algorithm trading constantly repositioning. Best not to put too much weight into today's trade action as we need the 3-day Easter break from trade to really understand what price levels we should be trading. We get another big report next Friday, April 9, in the WASDE report. If the USDA decides to keep carry-outs at the same numbers 3 months in a row, it will be tough to maintain our renewed bullish momentum. Overshadowed today were the weekly export sales. Corn, soybeans, and wheat were all within their expected ranges but mostly on the low end. The biggest highlight was China purchasing one cargo of US soybeans plus one cargo switched from unknown to China. Reminder, GPC will be closed tomorrow (4/2/21) for Good Friday. The markets will also be closed but trade will resume Sunday evening at 7 p.m. and we can work a sell-order if you like. Happy Easter.
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Sep 20, 2023
Corn and soybeans reverse fortune to come back. After trading a fresh low, corn flipped the script to close 4-6 higher on the day after running into the 20-day moving average. The 20-day MA has been a spot of resistance...
Sep 19, 2023
The markets were extremely uneventful on Tuesday. Trade was two-sided throughout the session and 10 cents or less covered the ranges in both corn and soybeans. Weekly crop progress showed the corn and soybean crops...
Sep 18, 2023
A bit of an ugly start to the week for corn, soybeans, and wheat. Corn and soybeans held steady/sideways throughout overnight trade but immediately broke support at the 8:30am opening. Corn finished 4 lower where...