11/29/2022

A quiet day overall for the markets.  We saw some higher trade through the overnight session and briefly after the morning break before we scattered into slow, two-sided trade past mid-day.  After soybeans broke higher yesterday, today's lower trade found buyers and immediate support at the 200-day moving average before flipping green and trading near the November monthly highs.  Corn ended the day mixed, fractional-1 cent away from unchanged.  After seeing 13-20 cent trading ranges, soybeans finished higher, improving 1-5 cents.  Bullish sentiment in corn has been on the downtrend.  The commitment to traders showed funds and managed have liquidated positions to their smallest length since August.  The market has absorbed the offset selling incredibly well and we have been able to maintain trade near, or above, August highs.  This is promising as we are nearing a timeframe where we should start to see an upswing in corn export sales and inspections as the soybean program begins to wind down.