9/20/2023

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 on the December chart going back about 4 weeks. Price action in soybeans was similar, coming back firmly off of yesterday's lows and ending Wednesday with gains of 4-8 cents. The only difference is soybeans continue to coil/consolidate on the charts between the late-June lows and July highs while corn bounces off of 2 1/2-year lows. Weekly ethanol data showed a drop in production of 59,000 barrels/day to 980k bpd. Stocks rose 510,000 bpd to 21.7 mln bbls. The USDA confirmed the sale of 120,000 tonnes of soybeans for delivery to unknown during the 2023/24 marketing year.

December weekly continuous: There is potential for some fireworks in the corn market as trade tries to guess/define potential harvest lows. We have formed a “falling wedge” like pattern over the growing season, close this week outside of the magic lines to the high side could fuel a bullish breakout. If this happens, locking in basis for fall deliveries is key to maximizing values! Something to pay attention to going into the back half of this week.

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Mar 11, 2025
The monthly USDA WASDE report was today and it was about as boring as it can get.  The USDA took the month off leaving corn and beans carryouts unchanged.  Corn remains at 1.540 billion bushels and beans at 380 million bushels.  World ending stocks were slightly lowered on both corn and beans.  World corn was pegged at 288.94 million tonnes vs 290.3 million tonnes previously.  World beans were pegged at 121.4 million tonnes vs 124.3 million tonnes previously.  All of the South American crop production estimates were also left unchanged.  
Aug 30, 2024
Corn picks up 10 cents and soybeans improve just over 25 cents on the week to go into the holiday weekend on a positive note.  Soybean export sales have picked up the pace in a big way.  At the end of last week, sales...
Aug 23, 2024
Corn trade was flat at 2 lower throughout a majority of the day to take us back to where we started the week.  Soybeans were 9-11 higher in what looks to be a dead-cat bounce in the middle of nowhere on the charts....