Jun 21, 2023
It was rinse and repeat today for corn and soybeans. Another day checked off and another big leg higher on the board. We opened overnight trade higher and never looked back and were still pringting fresh intraday highs going into the close. A bigger-than-expected drop in crop conditions is what fed the bulls today. Corn seen as good/excellent was reported at 55% by the USDA, below the trade guess of 58% and down from 61% last week. Soybean conditions declined 5% from 59% down 54% good/excellent. The main focus was big declines in Iowa and Illinois. No one can argue that the crop doesn't need precipitation between now and harvest, it certainly does, but history tells us that there is almost no correlation between June crop ratings and final yield. Even more recent history has proven to us that timing of the rain is much more important in producing yield than a yearly rainfall total. Overall, the market is well over-bought at this point and capturing some of this weather premium in the new crop should be done if you have not grabbed any of this rally.
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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...