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

Jul 18, 2024
Another day of tough sledding for corn. There was some brief trade to 1 higher but we quickly went backwards into negative territory, closing just above the current contract lows. Soybeans were lower overnight and then...
Jul 17, 2024
It was a fast start to trade overnight with corn making a little surge to trade 3-5 higher and soybeans 7 higher.  Corn was able to hold on to improve 2-3 cents on the day but soybeans swung all the way back to the red side of...
Jul 16, 2024
Soybeans are now priced off of the November futures.  Corn and soybeans enjoyed a day of higher trade and posted modest gains of 2-5 cents.  The weekly crop ratings report was unchanged from the previous week with...