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.

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....