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 are necessary to keep markets healthy and long-term trends intact.  Our rally was triggered by weather stories in the U.S. and South America that forced the funds to offset large chunks of their short position.  Now, the U.S. appears to be getting a solid window for field work that opens up at the end of this week and carries well into next week.  On Friday, we will get the May WASDE report from the USDA and we will get our first look at supply and demand numbers for the 2024 crop.  Trade estimates average the 2024/25 ending stocks at 2.284 billion bushels of corn carryout and 431 million bushels of soybeans.  For corn, that estimate is "close enough" to the current year carryout to not shock the market too much but the 27% increase in soybean ending stocks is not friendly.

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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 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...