12/28/2022

Dec 28, 2022


12/28/2022
Another day of strength in corn and soybeans. A relatively quiet overnight session gave way to a day session that featured money as an active buyer. Corn continued an impressive rally off its monthly low, ending the day nearly 50 cents above that mark. Soybean meal was the big mover today, up more than $15 on the most active contract. This was supportive to beans and corn. Managed money and funds are in the process of positioning themselves for month end/quarterly end/year end. On the fundamental side, there is not much to support this recent rally in corn. Ethanol and other end-users are not actively looking to purchase corn and the rail markets are quiet. Just a couple days after China announced they would be working towards opening up the country faster, they are already reporting that nearly 50% of passengers on incoming flights are testing positive for Covid. Truth or not, the markets need to take into consideration a possible retract to the announcement made earlier this week. Given where we ended the day on the charts, this is a spot to price some bushels, old and new crop.

Corn ends the day above the 200-day moving average and pushed up against its long term overhead trend line. IF trade is able to break out of the wedge to high side, the next objective would be the November highs just above the 700’0 level. A failure here would see a sell-off likely down near the 20-day moving average at 654’3.
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Read More News

Mar 31, 2025
USDA reported corn planting acres at 95.326 million acres of corn, which would be up a little more than 5% from 2024's final number and the second highest March figure of the last ten years behind only 2020's estimate of 96.99 mil acres.  US corn stocks as of March 1st were seen at 81.51 billion bushels, which was exactly what the trade had expected and was down just over 2% from March 1 of 2024.  USDA said farmers intended to plant 83.495 million acres of soybeans, which would be down about 4% from last year and was just a hair smaller than what the trade was looking for.  March 1 soybean stocks were pegged at 1.91 billion bu's, which again was nearly exactly as the trade had expected, and was up 3.5% compared to March 1, 2024.
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...