Back and forth!
Yesterday corn was up, and beans were down but today corn was down and beans were up! It feels like both markets have been back and forth for quite some time without finding a true trend one way or the other. March corn is content between 6.72 & 6.88 and March beans 15.05 & 15.38. Both new crop contracts have been trying to move higher the first 2 days of insurance month. November beans bottomed out at 13.30 ¼ on 1/23 and has gained back 40 cents since. Even though the Brazil crop seems to be getting larger new crop soybeans need to solidify their acres. December corn has stayed above 5.80 since late August and is testing its 50-day moving average at 598 ¼ which was today’s high. If we could get through that level December corn may be able to run back to 6.06 high from mid-January. We think there are some upside possibilities for both new crops but don’t get caught watching and not acting if they are hitting desirable levels for you. NFC Grain Afternoon Comments. (20)