MarketEdge PM Comments

Jan 17, 2024

(Allison Ryan)

(Allison Ryan)

Corn attempted to move higher, but failed and followed beans into the red. Nearby corn closed down 1¼ and December was down 2¼. March beans were down 21½ and new crop was down 12¼.
  • Beans led the way, with talk of record crop coming out of South America, despite the rough growing conditions in Brazil; Argentina meanwhile continues to have ideal conditions and will offset any losses
  • China hasn’t been an active buyer in the US bean market since the beginning of the new year; they are taking a wait and see approach with South American production
  • Beans did chart a key reversal today, trading higher and lower than yesterday, and closing lower; hopefully we aren’t in for a continued tumbling on the bean market
  • Corn was up for part of today’s session, but ultimately followed beans south; we did tested resistance at the 4.48 level, and would have ideally closed above that
  • The market needs to continue to hold the new lows and maintain above that $4.40 level; testing new lows daily could provide more pressure on that March board
  • Corn basis mostly continues to improve, as little to no farmer selling with these lower futures
  • Have a plan in place with your originator to get bushels locked in on any opportunities with both old and new crop; utilize offers and your app to get more on the books
  • The Dow was down, crude was up, and the Dollar was firmer
Have a great evening.

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