4/18/2023

Apr 18, 2023


Corn had another strong day as July was higher for the third day in a row. It traded above the 100 day moving average, but failed to hold that 6.45 1/2 level.  If we can close above that level it opens the door to 6.70 July futures.  Today is the highest close since late February.  If you still have old crop corn left at home this is a good time, make another sale.  Then if we happen to trade 6.70 at any point, I would sell the rest.  There is no reason to hold corn into this inverse if we trade that kind of level.  New crop corn worked back over 5.70 futures today.  The 100 day is sitting above at 5.85 futures, which is my target for now. Beans also had a strong day as July traded 15.01 futures on the overnight.  We did close over the 100 day moving average on July beans today, so that opens the door to some higher levels.  15.25 and 15.41 are the next target on the July futures.  I don't think there are many beans left in the country, but if you are the rare few it might not hurt to put some orders in at $15.00 cash.  New crop bean futures traded 13.25 this morning.  The 100 day moving is sitting up around 13.60.  I would be working some $13 cash new crop orders.

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