Grain > Commentary > 4-26-2023

4/26/2023

Apr 26, 2023

The market tried to build some momentum higher overnight and shortly after the morning break with corn trading up to 5 higher and soybeans 11 higher but we were unable to sustain the higher trade. During the final hour of the session today, corn looked very weak and printed its lowest close since July of 2022. Soybeans finished mixed. Overall, trade felt uninspired today. Weekly ethanol production was down 57,000 barrels/day to 967,000 bpd, the second lowest production number in the past 15 weeks. Ethanol stocks were also down 1 million barrels to 24.3 million barrels. Yesterday afternoon, there were a few reports from around our local area of some action in the fields but nothing widespread.

Lowest close in Dec 23 corn since February 2022. Sitting right above major support levels in July and Dec 23 corn charts.
corn-chart.png

Read More News

3/11/2025
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.  
8/30/2024
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...
8/23/2024
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....