2/16/2024

Soybeans traded solely higher and lead the way into the weekend with some nice bounces.  Corn was trading up to 4 higher early on but ended Friday with March and May 24 contracts slightly lower and 1-2 cents higher further out.  The overall vibe in the market was positive and it feels like traders might be ready to call the bluff of the managed money crowd's huge short positions.  Options activity suggested that maybe the tides were beginning to turn.  Historically, these record-sized short positions do not hold very incredibly long and we are close to meeting the expiration timeframe of what we have seen in the past.  There were no USDA announcements or reports today.  We did overlook yesterday's NOPA crush report.  Jan 2024 crush came in at 185.78 mln bushels.  That was below the trade guess of 189.928 mln bushels but still a record high for January of any year.  Soyoil stocks were reported at 1.507 bln pounds, well above the average analyst estimate of 1.409 bln.