4/23/2024

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 technical signals on our front month contracts that indicate potential for a further rally exists. May corn traded a high for the month of April at 443'6, eclipsing our old high of 442'0 which traded on the first day of the month. May soybeans pushed above the March downtrend line and still have a little room overhead before meeting their 20-day moving average. Weekly crop progress estimated corn plantings at 12% complete which matched the trade average guess and last year's progress on this week. 12% could be considered largely average at this point of the season. Soybean plantings were estimated at 8% complete, which also matched this same week last year but was slightly above the trade guess of 7%.

Wheat has been the price leader and been a big factor in the bullish price action of corn and soybeans. As of today, Chicago wheat has rallied over 50 cents off of last Thursday’s low.

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Sep 12, 2025
USDA report day.  Corn and beans were trading higher pre-report on thoughts of a reduction to yields.  Well....we got what we were thinking but the USDA decided to throw a twist into the mix.  The 25/26 corn yield decreased slightly less than expected by 2.1 bu to 186.7 bpa, but they gave us the largest planted acreage shift on this report in at least the last 20 years (+1.4 mil acres) spurred an increase in production to 16,814 mbu.  25/26 ending stocks were slightly lowered by 7 mbu to 2,110 mbu. 
Aug 21, 2025
Today the market ran higher on rumors for positive SRE announcements coming soon.  Bean oil was up over $2.  Beans finished the day up 20 cents at 10.56 Nov futures.  There is a chance we could make a run at the 10.74 Nov highs from back in June.  If we get there, I am a seller.  Bean basis remains in the garbage, so a run higher in futures doesn't help that either.  We still don't have a trade deal, so I think any rally is short lived at this time. 
Aug 15, 2025
Corn and beans both had nice gains heading into the weekend.  Corn might seem terrible as of late, but for corn to only be down 2 cents since report day is impressive.  That was one of the most bearish reports for corn we have seen in quite some time.  Corn finished the week 13 cents off its lows and unchanged for the week.  New crop corn basis has softened a little on the week as the extra 2 million acres and 8 bushels of yield from the report has also scared a few exporters off.