5/5/2023

May 05, 2023


Gains across most markets today with corn and soybeans trading higher in solid fashion to end the week.  Corn was consistent in setting intraday highs throughout the session while soybeans traded steady in the range of 6-18 cents higher, closing just a penny or two under today's highs.  Once again, wheat lead the charge, finishing the day with double digit gains of 15-34 cents.  The funds and managed money had positioned themselves net short and it appears they maybe got squeezed out of their own position.  None the less, it’s nice to see some positive trade.  Seasonally, we should see the Dec corn contract rally going into June and Nov soybeans rally going into July.  There are already some serious drought and soil moisture concerns in Eastern Nebraska.  If we are able to turn this into a weather market (again), we could be seeing the beginning of a sustained rally.  Forecasts continue to show a mostly wide-open window for planting and I expect Monday's progress report will likely see our largest percentage increase in planting completion so far for the year.

Looks like we are set up nicely for a correction that will fall in line with the seasonal trends.
charts.png

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...