MarketEdge PM Comments

Jan 18, 2024

(Cody Forde)

Good afternoon,

Corn and soybeans both moved lower to start the day, then pushed higher to end the day.  March corn’s last trade was 443^6, up 1^4.  March soybean’s last trade was 1213^2, up 7^4.  March corn looks like we could have made a bottom today, after making a low of 436^6.  Targets to keep your eye on is if we can have a Friday close above 450, which could give us legs back to 460.  On the downside, we should have a keen eye if we break today’s low following support comes in at 435 followed by major support from 407 to 4 dollars even.  March soybeans are getting close to a downside objective.  We have an upside gap at 1295 which can be used as a target “if” we get a bullish scenario.  Beans hit major support today at 1201 and then bouncing slightly.  If we cannot hold today’s low, downside support can be seen at 1175 followed by 1145.  Currently, one thing to keep in mind, Brazilian port values are a 1.50 discount to the current US market.  There have been rumors of China cancelling and rebooking cheaper values through Brazil. 

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