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.

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