Aug 28, 2023

Corn and soybeans gap higher at the Sunday night open and hold through Monday to complete gains of 5-8 cents in corn and 11-18 cents in soybeans.  That trade was fueled simply by weather forecasts.  Wheat was the lone sore spot in grains, with losses of 4-16 cents across different classes.  The USDA made two sale announcements this morning, confirming 123,000 tonnes of corn for delivery to Mexico and 296,000 tonnes of soybeans for delivery to unknown, both for the 2023/24 marketing year.  Weekly export inspections came in above expectations for corn with 597k tonnes shipped.  Soybean inspections were midrange at 322k tonnes.  ProFarmer's final yields for their crop tour were released late Friday with 172.0 bu/ac for corn and 49.7 bu/ac for soybeans.  This would work out to 2.185 bln bu corn carryout for the 2023/24 marketing year but would create some very tight stocks for soybeans.  This rally has created some optimism going into harvest but with record production in Brazil, up-side potential is limited.  Corn has been reluctant to follow soybeans over the past 3 weeks.  While Nov soybean futures have rallied 80 cents in that timeframe, Dec corn remains virtually unchanged.

Read More News

Jul 18, 2024
Another day of tough sledding for corn. There was some brief trade to 1 higher but we quickly went backwards into negative territory, closing just above the current contract lows. Soybeans were lower overnight and then...
Jul 17, 2024
It was a fast start to trade overnight with corn making a little surge to trade 3-5 higher and soybeans 7 higher.  Corn was able to hold on to improve 2-3 cents on the day but soybeans swung all the way back to the red side of...
Jul 16, 2024
Soybeans are now priced off of the November futures.  Corn and soybeans enjoyed a day of higher trade and posted modest gains of 2-5 cents.  The weekly crop ratings report was unchanged from the previous week with...