May 03, 2023

Some incredible reversals today took corn and soybeans to some strong finishes. The price leader by far was wheat, with gains of 30-45 cents after early morning reports of a "Ukrainian drone strike" on the Kremlin. Strangely enough, security camera video footage was conveniently available almost immediately, you be the judge. Regardless of opinion on that, that market used this as a catalyst to guide grains higher. Energies and proteins spent another day in the gutter. Crude oil was down over $3/barrel most of the day, breeching the $70 level. Stocks bounced slightly and indices hovered around unchanged after the Fed announced a 25-bps rate hike, less than the expected 50-bps increase. The weekly ethanol report showed a rise in production of 9,000 barrels/day to 976,000 bpd. Stocks dropped 900,000 barrels from last week to 23.4 million barrels.

A really nice technical day for corn and soybean bulls including this Bullish Key Reversal in December corn. After printing its lowest mark in 16 months, December 23 corn rallied out of no-man’s land to close above yesterday’s high.

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...