Grain > Commentary

2/10/2022

Feb 10, 2022

Follow-through buying ensued almost immediately to begin the overnight session after the prior day's strong close.  Corn trade experienced what could be a very short breakout, stretching out another 10-15 cents to set fresh highs on the 2022 contracts before closing lower on the day.

2/9/2022

Feb 09, 2022

The USDA came in less friendly than expected on today's report but the money continued to roll in, trade simply threw the WASDE aside and continued to buy.  The immediate reaction to the report saw corn lose around 5 cents and soybeans about 10 cents and then we were back to trading crop loss in South America.  The USDA cut 5 million tonnes (183 million bushels) to their Brazil soybean production estimate from the previous month.  

2/8/2022

Feb 08, 2022

One day ahead of the February WASDE report sees some risk coming off in corn and soybeans, following some likely profit taking in soy oil and crude oil.  Soybean meal traded a five-dollar range but finished modestly higher on the day.  We filled the gap from Sunday night's higher open on the March 22 bean contract but all other gaps are still in place on the charts.

2/7/2022

Feb 07, 2022

The markets opened Sunday night with some big strength, with our front months gapping almost nine cents higher on corn and 18 cents on soybeans from the Friday closing prices.  Trade did not immediately fill these gaps and we ended the day with them still present on the daily corn charts out through September 2023.

2/4/2022

Feb 04, 2022

Another back-and-forth day on the board with corn and soybeans both managing to finishing the week on a stronger tone after spending most of the day session in the red.  In the short term, trade appears to be satisfied with soybean price levels, finding selling interest in the 1555'0-1560'0 area and buying interest in the 1530'-1535'0 range on the March 22 contract.

2/3/2022

Feb 03, 2022

Soybeans took a breather today, trading as much as 15 lower overnight but received a bit of a boost from the weekly export sales report to go into the coffee break with some upwards momentum.  Some fast-buying right at the 8:30 open saw the March 22 contract touch 1560'0 but we failed to make a new contract high for the first time in 6 trading days.

2/2/2022

Feb 02, 2022

Soybeans enjoyed another day in the green, with higher closes posted from the front month out to March 2023.  The USDA announced the sale of 380,000 tonnes of soybeans to unknown for the 2021/22 marketing year.  We typically assume "unknown" is China and is likely a purchase to ensure supply, depending on how the situation in Brazil finalizes.

2/1/2022

Feb 01, 2022

Soybeans continue their impressive run to trade easily through and above the 1500'0 level. Another round of steep cuts to Brazilian soybean production estimates spurred more buying today, with several now below last year's totals.

1/31/2022

Jan 31, 2022

Soybeans, meal, and oil all opened higher to begin the Sunday night session with virtually no weakness present in the complex.  Corn followed soybeans throughout the overnight but some weakness set in on the front months going into the coffee break and followed through for the duration of the day session. 

1/28/2022

Jan 28, 2022

Trade had spent the two previous weeks buying the rumor and today they bought the fact.  The rumored soybean sales were finally confirmed by the USDA this morning with some sizable volumes.  For the 2021/2022 marketing year: 141,514 tonnes of soybeans for delivery to Mexico and 251,500 tonnes of soybeans for delivery to unknown.  For the 2022/2023 marketing year: 264,000 tonnes of soybeans to China.

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