Jun 28, 2023
Another day of hard liquidation as rain and extended weather forecasts continue to pressure the markets. It is probably safe to assume that funds have now flipped themselves from long to short. We had a good rally that provided opportunity at profitable levels for the 2023 crop and think our customers did a great job making cash new crop sales and placing hedges. In total, we handled slightly over one million bushels of 2023/24 crop during the 4-day rally. What became evident with basis, regardless of delivery period, is that trade was more focused on supply and had almost completely forgotten about demand. The USDA did announce the sale of 170.7k tonnes of corn for delivery to Mexico this morning with 21k tonnes to be delivered in 2022/23 and 149k delivered in 2023/24. This was the first flash sale of corn since mid-May. Weekly ethanol data showed production unchanged at 1.05 million barrels/day and stocks increasing by 175,000 barrels to 22.98 mln bbls. With just two months remaining in the marketing year, corn use for ethanol trails the pace to meet the USDA number by 47 million bushels. With the sharp sell-off in futures this week, we now have room on the board for a friendly reaction to Friday's reports.
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Nov 27, 2023
Corn and soybeans begin the week down as lower continues to be the path of least resistance. Grains as a whole were largely weaker with wheat double-digits lower and corn finishing with 5-7 cent losses and new 2 1/2...
Nov 22, 2023
Once again, soybeans were the price leader but trade was in heavy risk-off mode in soy. Corn and soybeans bounced around between 1-3 cents lower overnight before selling took over after the morning break. Rains...
Nov 21, 2023
January soybeans have now traded a sixty-cent range over the past two days which includes their lowest quote since November 3 and also trading within a dime of the 3-month highs set just last week. Today's session...