May 01, 2024

A really nice outside reversal higher in corn and a decent bounce back in soybeans on Wednesday. Soybeans closed just under today's highs with gains ranging between 4 to 7 cents. Today's biggest headline was an announcement that agricultural products will be allowed in consideration with the Sustainable Aviation Fuel subsidy program. This could be huge for ethanol but there appears to be some interesting restrictions for corn in program. These restrictions include employing a combination of no-till and cover crop practices and speciality fertilizer applications. Regardless, it's a starting point and opens a much-needed door for ethanol into this program. Four months into 2024 and the Federal Reserve have left rates unchanged. Rates cuts were expected after we turned the calendar to 2024 but some less than ideal economic data means we may not see a rate cut this year, at all. A nice jump in ethanol production last week with a 33,000 barrel/day increase to 987,000 bpd. Stocks were off slightly, down 200k barrels to 25.5 million barrels total.

Corn putting together a really healthy trend higher. With today’s close, we’re looking at being within 10-14 cents of a nice cash sales target. The window between our March high of 460’0 and the 100-day moving average at 460’5 up to the 38% retracement just over 464’0 is a solid target for basis-fixed or corn out of the bin at home.

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May 10, 2024
The USDA gave trade a report that was friendly for corn to work with.  Despite a higher finish, the report was quite negative for soybeans with the USDA plugging in a 445 mln bu carryout for the 2024/25 crop year.  What...
May 09, 2024
Markets were steady-higher through the overnight session until the East coast crowd came online at 8 a.m. their time. Corn and soybeans quickly flipped to the red and headed into the coffee break lower where they...
May 08, 2024
Corn and soybeans were lower on Wednesday with corn down 5-8 cents and soybeans giving back 12-19.  The previous 5 days gave our futures a rally we have been waiting for since late February and pull-backs like these...