Is this the big break in corn everyone has been waiting for?
USDA released its baseline numbers for the 23/24 crop season and on the face of the numbers there were no major surprises other than corn exports were up 275 million bushels for next year. This was due to Ukrainian issues likely to continue moving forward. Regardless of the numbers old crop corn decided to pull back and settled below some key support levels and sold off some more again this morning. News out of Argentina was bullish yesterday with Bueno Aries Grain Exchange cutting their production estimates to 34.5 MMT for soybeans and 41 MMT for corn as their record drought continues to shrink output. This had kept the soybean market supported but not the corn. In more supportive corn news, a good chunk of Brazil’s 2nd corn crop will be planted outside the ideal planting window that closes March 1st. Steady rains have slowed soybean harvesting and thus kept corn planting behind schedule. It will be some time before we see how this will affect yields for that crop, but the rains are forecasted to keep coming in the short term. So is this the big break in corn that everyone has been waiting for or is this another buying opportunity. We will be looking for a level down around 6.40 to 6.36 in May to buy. For today we will watch 6.52 & 15.22 and 6.62 & 15.46. NFC Grain Comments Options -2.24.23 – Copy (1)