MarketEdge PM Comments

Dec 19, 2023

(Cody Forde)

Good afternoon,

Corn and soybeans both turned lower this Tuesday.  March corn last trade was 4.72^6 down 4^2. January soybean last trade was 13.12^4 down 14^4. Technicals on the corn side are starting to look weak into this holiday trade. Corn needs to close above the 4.75 to 4.80 area to stop the slide lower. If we close below 4.70 on front month futures, I look for a move lower down to test the December 2023 contract low. I have been watching December of 2024 corn as well. The contract has very good support at the five-dollar level. If this level is broken, our next level of support is at last summer's low at 4.85^6.
Today we had another flash sales. Exports sold 132,000 Tonnes of soybeans to unknown. This has been a good sign we are still getting routine export business. I would look for these sales to continue to help support the market.

Read More News

Dec 30, 2023
March corn closed down 3 at 4.7125 and May corn closed down 2 ½ at 4.84.
Dec 28, 2023
Good Morning.  Corn and soybean futures finished the overnight session slightly higher. 
Dec 27, 2023
Grains were mixed today, during a relatively quiet week in between holidays and light trading volume.