5/2/2023
May 02, 2023
Tuesday started off with some solid higher trade with corn up to 6 cents higher and soybeans 13 cents higher but grains fell lower, feeling the effects of macro market selling. Most commodities were down fairly hard on the day and Wall Street was not helping at all. The DOW traded as much as 600 points lower, the NASDAQ -180 points, and the S&P -75 points before slowly improving throughout the rest of the day. Planting progress also continues to be progressively faster as the days pass with field work steadily moving north. Like we mentioned yesterday, this is seasonally a poor time for anyone bullish unless we have issues with planting pace. This week, the USDA reported corn planting progress to 26% complete (27% trade, 14% week ago, 13% year ago, 26% average) and soybean plantings at 19% complete (17% trade, 9% week ago, 7% year ago, 11% avg). Weather forecasts continue to be encouraging for a solid window of field work, applying pressure to the market. There's still time for some historically good prices. If we can attain $6.25-6.50 cash corn and $14.50 cash soybeans, be ready to grab those values.
July soybeans have completed two key reversals in the past 3 trading days, one higher and one lower.
July soybeans have completed two key reversals in the past 3 trading days, one higher and one lower.