Posted on:
August 20, 2024

Markets traded mixed overnight, with corn and beans seeing choppy trade after starting the week with big gains that were driven by an uptick in bean demand from China.

Managed funds to start the week were estimated as net buyers of 9k corn to reduce their net short to 247k, net buyers of 10k beans to reduce their net short to 169k, and even in the wheat to leave the net short at 73k.

Crop progress showed corn rated 67% g/e (67 expected), beans rated 68% g/e (68 expected), and spring wheat rated 73% g/e (71 expected).

The first day of the Pro Farmer tour found average corn yield in Ohio of 183.29 bpa vs.183.94 last year. The USDA has Ohio corn yield down 10 bpa from a year ago at 188 bpa. Pod counts were 1229.93 vs. 1252.93 last year. They have bean yield up 1 bpa from last year.

The South Dakota leg of Pro Farmer showed corn yield at 156.51 bpa vs. 157.42 last year. The USDA has corn yield up 10 bpa to 162 bpa. Pod counts were 1025.89 vs. 1013 last year. They have South Dakota bean yield up 3 bpa from a year ago.

At a first glance at comparisons to last year, the USDA may be low on Ohio corn yield and too high on South Dakota yield. They could be too high for both Ohio and South Dakota bean yields.

U.S. customs data showed China imports of U.S. beans in July were 3 times larger than a year ago, totaling 475.3 tmt.

A rail strike in Canada will impact movement of grain in the country as well as fertilizer.

Corn posted a higher high, higher low, and higher close to start the week, with prices recovering within its recent trading range. Directional indicators are neutral with a range-trade expected. Support is 3.92 and resistance is 4.15-4.20.

Beans posted a higher high, higher low, and a sharply higher close to start the week, with the market moving to the top of the trading range we’ve seen the last week. The market is still very oversold with plenty of room to trade higher before that will change. Support is 9.50 and resistance is 9.80.

Corn was able to bounce from the bottom of its recent range to start the week. Prices have gotten cheap enough, but impending harvest and old crop corn that still needs to be sold is an upside limiting factor. Look for sideways trade from here.

Beans moved sharply higher to start the week after China export demand showed up. Prices have gotten cheap enough where China has engaged as a buyer, and they are behind on purchases. With the market oversold and the fund short large, beans may be able to bounce more in the near-term.

Corn mixed

Beans down 1-3

Posted on:
August 20, 2024

Markets traded mixed overnight, with corn and beans seeing choppy trade after starting the week with big gains that were driven by an uptick in bean demand from China.

Managed funds to start the week were estimated as net buyers of 9k corn to reduce their net short to 247k, net buyers of 10k beans to reduce their net short to 169k, and even in the wheat to leave the net short at 73k.

Crop progress showed corn rated 67% g/e (67 expected), beans rated 68% g/e (68 expected), and spring wheat rated 73% g/e (71 expected).

The first day of the Pro Farmer tour found average corn yield in Ohio of 183.29 bpa vs.183.94 last year. The USDA has Ohio corn yield down 10 bpa from a year ago at 188 bpa. Pod counts were 1229.93 vs. 1252.93 last year. They have bean yield up 1 bpa from last year.

The South Dakota leg of Pro Farmer showed corn yield at 156.51 bpa vs. 157.42 last year. The USDA has corn yield up 10 bpa to 162 bpa. Pod counts were 1025.89 vs. 1013 last year. They have South Dakota bean yield up 3 bpa from a year ago.

At a first glance at comparisons to last year, the USDA may be low on Ohio corn yield and too high on South Dakota yield. They could be too high for both Ohio and South Dakota bean yields.

U.S. customs data showed China imports of U.S. beans in July were 3 times larger than a year ago, totaling 475.3 tmt.

A rail strike in Canada will impact movement of grain in the country as well as fertilizer.

Corn posted a higher high, higher low, and higher close to start the week, with prices recovering within its recent trading range. Directional indicators are neutral with a range-trade expected. Support is 3.92 and resistance is 4.15-4.20.

Beans posted a higher high, higher low, and a sharply higher close to start the week, with the market moving to the top of the trading range we’ve seen the last week. The market is still very oversold with plenty of room to trade higher before that will change. Support is 9.50 and resistance is 9.80.

Corn was able to bounce from the bottom of its recent range to start the week. Prices have gotten cheap enough, but impending harvest and old crop corn that still needs to be sold is an upside limiting factor. Look for sideways trade from here.

Beans moved sharply higher to start the week after China export demand showed up. Prices have gotten cheap enough where China has engaged as a buyer, and they are behind on purchases. With the market oversold and the fund short large, beans may be able to bounce more in the near-term.

Corn mixed

Beans down 1-3