7/25/2023

Corn and soybeans looked like they were going to continue marching higher following the overnight open but had flipped to red by midnight.  December corn traded down to 15 cents lower and November soybeans as much as 22 cents lower before climbing back towards unchanged throughout the day.  Corn ranged from 2-3 cents lower and soybeans 4-5 cents lower at the close.  This solid recovery off the daily lows for both offers a strong/friendly look on the charts.  Immediate risk premium (weather/Russia) is priced in for now and corn needs to close above the 200-day moving averages to continue higher.  November soybeans matched a 14-month high yesterday and is still within 16 cents of that level after today's session.  The USDA weekly crop conditions report was mostly as expected.  Corn conditions remained unchanged at 57% good/excellent and soybeans seen as good/excellent was lowered 1 point to 54%.  Overall, Tuesday was slow for market news but river traffic has reportedly resumed along the Danube, just one day after supposed heavy Russian bombing.