Apr 20, 2022

Strong money flow in on the front months for corn and soybeans. Big gains on the front end trickled down to the deferred months. After shrugging off some early morning weakness, May and July corn finished 10-11 higher on the day with modest gains on September 2022 and further out. Soybeans saw some large double-digit gains in the 12-30 cent range on the old crop months and 7-9 cent gains for the new crop window and further out. Any new information is pretty limited right now which makes today's odd price action even more peculiar. The bull needs to be fed every day and now trade wants to talk about possible Brazil dryness (again) through May and June but that's traditionally a dry period down there. The lack of discussion about their safrinha corn crop should be paid attention to, usually means there are no issues. Weekly ethanol numbers showed production down 48,000 barrels/day to 947,000 bpd, stocks were also down by 461,000 barrels to 24.34 mln bbls. After yesterday's small sale announcement, the USDA wire was quiet at 8:00 a.m. this morning. Weather forecasts continue to improve and I wouldn't be surprised to see planters rolling in the southern reaches of the state and some pressure put on corn beginning of next week.

December 2023 corn finished the day unchanged after 21 consecutive higher closes, rallying around $1.00/bu over the past month.

Read More News

Apr 24, 2024
Profit taking was the feature of corn and soybean trade after corn rallied 20 cents and soybeans rallied 46 cents over the past week.  Spread correction was also seen today with May price spreads widening back out 1-2...
Apr 23, 2024
After struggling a bit on the tail end of overnight trade, corn and soybeans traded steady higher and looked their most firm heading into today’s close. After chugging higher for a third consecutive day, we viewed some more...
Apr 22, 2024
Some really nice follow-through after Friday's recovery resulted in some key technical signals for trade. Each pullback throughout the day was met with some fast buying. Corn and soybeans followed wheat's lead. Wheat...