Apr 27, 2022

Corn and soybeans were lower overnight and immediately jumped higher at the 8:30 morning open. The rumor in Chicago was that China had made another significantly large purchase of U.S. corn. The corn planting pace in the U.S. remains minimal but pictures of planters rolling across fields are becoming an increasingly common sight on social media. The crop is going in regardless of conditions. Soy oil continues to set new all-time highs and drive soybeans back towards highs. The synthetic crush on the board has eclipsed the $2.00/bu mark. Weekly ethanol numbers showed output was up 16,000 barrels/day to 963k bpd and stocks were off 377,000 barrels to 23.97 million bbls. Production remains well below average and stocks remain well above average for this time of year. The USDA made no sale announcements this morning. Right now, it is very difficult to come up with a bearish scenario for grains which is when we need to be the most concerned about a bearish scenario.

New contract high on the July 22 corn.

Read More News

Apr 24, 2024
Profit taking was the feature of corn and soybean trade after corn rallied 20 cents and soybeans rallied 46 cents over the past week.  Spread correction was also seen today with May price spreads widening back out 1-2...
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...
Apr 22, 2024
Some really nice follow-through after Friday's recovery resulted in some key technical signals for trade. Each pullback throughout the day was met with some fast buying. Corn and soybeans followed wheat's lead. Wheat...