Jul 24, 2023

Hot temps and dry forecasts combined with Russia conducting strikes on Ukrainian export facilities send corn, soybeans, and wheat all sharply higher to start our week. Wheat featured some locked-limit higher trade while corn and soybean enjoyed gains of over 30 cents on the day. The USDA announced a sale this morning of 121,000 tonnes of soybeans for delivery to China during the 2023/2024 marketing year. Analysts are not expecting much change in this week's crop conditions report and expect soybeans to be unchanged and the good/excellent rating in corn up 1 point. Weekly export inspections were within expectations for corn and soybeans with 310k tonnes of corn and 283k tonnes of soybeans shipped last week. The 310k tonnes of corn was the 2nd lowest total of the marketing year. Following the seasonal pattersn, soybean inspections have potential to see a quick increase as harvest in the south gears up.

Corn keeps chugging higher on a nice sustained rally beginning back mid-June. Today we came about half of a penny short of hitting an important retracement level and touching the 200-day moving average near 573. Trade through and hold above the 200-day and we can likely revisit the 600’0 mark, if not, we will trade back near the 530 area.

Read More News

Apr 24, 2024
Profit taking was the feature of corn and soybean trade after corn rallied 20 cents and soybeans rallied 46 cents over the past week.  Spread correction was also seen today with May price spreads widening back out 1-2...
Apr 23, 2024
After struggling a bit on the tail end of overnight trade, corn and soybeans traded steady higher and looked their most firm heading into today’s close. After chugging higher for a third consecutive day, we viewed some more...
Apr 22, 2024
Some really nice follow-through after Friday's recovery resulted in some key technical signals for trade. Each pullback throughout the day was met with some fast buying. Corn and soybeans followed wheat's lead. Wheat...