1/31/2024

The market gave back some of Tuesday's gains but held relatively well.  We didn't get the follow-through in Soybeans to push us towards the 20-day moving average but wasn't a complete melt down, either.  Some late session buying was able to improve soybeans to finish 3-5 cents higher after trading out to 12 lower.  Technically, the past two sessions have a really nice set up on the charts if we want to see what the top-side of trading range could be.  Corn recovered nicely after trading 4 cents down to finish close to unchanged.  The weekly ethanol report showed some favorable numbers.  Production increased by 173k barrels/day to 991k bpd which would be a return to normal production after several plants cut production due to weather.  With that increase in productions, ethanol stocks decreased week-to-week by 1.5 million barrels, down to 24.3 mln bbls.