4/19/2024
Apr 19, 2024
A nice pop in the markets to end the week after a sharp rise in geopolitical tensions. Retaliatory strikes between Iran and Israel took place overnight and, unfortunately, corn and soybeans need something like this to fuel a price rally. We ended Friday with the prior session’s losses erased and then some. Corn picked up 6 cents and soybeans gain 11-16 cents out to their July 25 contracts. Spreads have firmed this week as well. The USDA confirmed two export sales this morning which included: 216,500 tonnes of corn to Mexico split between the 2023/24 and 2024/25 marketing years and 121,500 tonnes of soybeans for delivery to unknown also split between the 2023/24 and 2024/25 marketing years. The was no shortage of volatility today. Crude oil ranged from 80 cents lower to nearly $5 higher. The DOW was down 500 points overnight but traded 250 points higher during the day session. Wheat ranged the 12-22 cents higher across the different classifications.
May corn futures found a very interesting spot to finish the week. Solidly above the 10-day moving average but only fractionally above the 20- and 50-day moving averages and our October trendline. If trade wants to follow through on today’s action we can see a nice round of technical buying come into the play and maybe give us a chance at challenging the current 100-day moving average. Yesterday was a gut check day for anyone bullish but today’s recovery has corn only -1 cent on the week.
May corn futures found a very interesting spot to finish the week. Solidly above the 10-day moving average but only fractionally above the 20- and 50-day moving averages and our October trendline. If trade wants to follow through on today’s action we can see a nice round of technical buying come into the play and maybe give us a chance at challenging the current 100-day moving average. Yesterday was a gut check day for anyone bullish but today’s recovery has corn only -1 cent on the week.