4/13/2022

Apr 13, 2022


4/13/2022
Trade pulled a bit of a head fake overnight and early in the day session with corn down 5-10 and soybeans 15-20 lower, giving the impression that someone was trying to sell this off.  Corn found solid buying interest at that level and was able to pop to new contract highs late in the day.  Soybeans bounced off of their lows, as well, with the July 22 contract finding technical support at the 20-day moving average for the fourth consecutive day.  After announcing a huge corn export sale to China to start our week, there were no 8 a.m. announcements from the USDA yesterday or today.  The weekly ethanol report showed output off 8,000 bpd to 995,000 bpd and stocks off 1.1 million barrels to 24.8 mln bbls.  Brazil export performance for April is easily going to beat market estimates with Brazilian corn, soy, and wheat shipment volumes all well above their expected levels.  Trade is expecting Friday's NOPA crush report to show nearly 182 million bushels crushed in March with estimates ranging from 179.2-186.0 million bushels.  If realized, this would be a March crush record.  One story not getting much attention is the Argentina trucker strike, which seems like it has become annual event not unlike the Super Bowl or World Series.  Truck owners and government officials met today but no resolution was found.
outlook.jpg

Read More News

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....