Turn around Thursday?
Ok, so that’s not the normal saying, but for soybeans, after 3 straight days with lower closes, it’s good to see the overnight session ended with both corn and beans trading with green numbers this A.M. Yesterday, March corn futures reversed the trend from Monday, Tuesday and early Wednesday, actually finished about 3 higher. January soybean futures had their 3rd consecutive lower close, losing 9 cents.
Overnight, we’ve been mostly higher as we’re hearing rumors of Chinese interest for both U.S. corn and soybeans. South American weather is also a continuing concern and the longer term thoughts of how tight do we get in the U.S. for ending stocks. Last week’s ethanol production was also a bullish input to the corn market, showing an increase of 13 million gallons from the previous week. Corn was also supported yesterday by wheat and oat values for December futures rallying into their expiration windows.
Continue to pick your moments on these markets. We expect to have a fairly volatile marketplace for quite some time. Price the spikes whether Old Crop or New Crop by using an Offer Contract.
Corn: 1 to 2 higher
Beans: 6 to 10 higher