Jun 02, 2021
After touching limit up on Tuesday, corn trade was two-sided overnight and gave way to profit taking during the day session to finish 13 lower on the day. Soybeans found good buying support in the forecasted weather showing record heat and little-to-no precipitation over the next 6-10 days. Apparently, it’s only going to rain on the US corn fields? This highly volatile, weather market trade can be frustrating, especially considering how often we hear that Brazil's bean crop continues to grow and their second corn crop continues to shrink. Apparently, it only rained on Brazil's bean fields? The easy-out for corn's down day was the initial corn crop rating for the year put out by the USDA, which showed a 76% good/excellent rating and only 4% poor/very poor. Trade was expecting a 70% g/e rating but history shows that the USDA likes to tell us the crop looks good at the beginning of June. The report also showed that we are 95% planted, 81% emerged on corn; well ahead of the 5-year averages. Soybeans will have their first condition rating in next week's crop progress report but they were shown as 84% planted, 62% emerged; 17-20% ahead of the 5-year averages. More estimates for corn acres planted in the June report are adding large numbers of corn acres while keeping bean acres steady.
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Sep 20, 2023
Corn and soybeans reverse fortune to come back. After trading a fresh low, corn flipped the script to close 4-6 higher on the day after running into the 20-day moving average. The 20-day MA has been a spot of resistance...
Sep 19, 2023
The markets were extremely uneventful on Tuesday. Trade was two-sided throughout the session and 10 cents or less covered the ranges in both corn and soybeans. Weekly crop progress showed the corn and soybean crops...
Sep 18, 2023
A bit of an ugly start to the week for corn, soybeans, and wheat. Corn and soybeans held steady/sideways throughout overnight trade but immediately broke support at the 8:30am opening. Corn finished 4 lower where...