5/7/2024

May 07, 2024


Corn and soybeans take a breather after setting fresh highs for the move on Tuesday. It’s been an impressive run over the past 5 sessions with corn trading a 30-cent range and holding a 20-cent gain over that time period. July soybeans have traded a one-dollar range, netting a 90-cent gain over the same 5 days. Cash/new crop/HTA sales targets updates: July (477'0) corn and December (496'0) corn targets were within 5 cents today; new crop soybeans entered the target area today with $11.50 new crop soybeans achieved. New target for new crop is the gap on November at $12.44. Fill cash soybeans between 12.80-12.90 futures. Export inspections were on the high side of expectations for corn and soybeans last week. Corn shipments totaled 1.286 mln tonnes and soybean shipments were reported at 349k tonnes. The rally is caused by the funds off-setting a large chunk of their near-record short positions, the weather story in South America and the U.S. is just the trigger. The farmer has engaged heavily and the expected weakening on corn basis has begun. We can't even begin to count the number of growers we've been in touch with over the past week but weather markets only last as long as the weather. Keep targets in place for old crop and make sure to be selling new crop along with it.

As mentioned before, $11.50 new crop soybeans was a target and we ended the day a few cents above that. We are now looking at the area where the 62% retracement lines up with a gap on the chart. This is a large, 7-cent gap from 1237-1244. The 200-day moving average also lurks just above us at 1233.

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Mar 11, 2025
The monthly USDA WASDE report was today and it was about as boring as it can get.  The USDA took the month off leaving corn and beans carryouts unchanged.  Corn remains at 1.540 billion bushels and beans at 380 million bushels.  World ending stocks were slightly lowered on both corn and beans.  World corn was pegged at 288.94 million tonnes vs 290.3 million tonnes previously.  World beans were pegged at 121.4 million tonnes vs 124.3 million tonnes previously.  All of the South American crop production estimates were also left unchanged.  
Aug 30, 2024
Corn picks up 10 cents and soybeans improve just over 25 cents on the week to go into the holiday weekend on a positive note.  Soybean export sales have picked up the pace in a big way.  At the end of last week, sales...
Aug 23, 2024
Corn trade was flat at 2 lower throughout a majority of the day to take us back to where we started the week.  Soybeans were 9-11 higher in what looks to be a dead-cat bounce in the middle of nowhere on the charts....