Market Information

So now the boring part of market watching, waiting for what is arguably the most anticipated USDA crop report of the year. Both March corn and soybean contracts have gravitated to their 200-day moving averages and now are awaiting fresh data on Monday from USDA’s WASDE report. Here are some key numbers to watch for in the report. For both corn and soybeans traders expect USDA to lower yield, 2 to 3 bushel for corn but only a fraction of a bushel for soybeans. The demand number in the balance sheet for Feed/Residual, for corn, may be too high so USDA could balance a lower yield with lower demand from that category. And lately, but perhaps more importantly, watch to see if USDA changes the 2024 corn crop size. It has been hinted that there may be an adjustment higher in harvested acres of the 2024 crop.

March corn is once again trading above its 200-day moving average, 445 but we have been there before only to fail to hold gains.

March soybeans closed a fraction of a cent above its 200-day moving average yesterday at 1067, this morning the contract is trading a fraction below its 200-dma.

Both contract are simply awaiting the release of Monday’s data.

The new crop months are offering a similar look as the old crop months as both corn and soybeans have gravitated to their 200-day moving average levels, 460 for December corn and 1065 for November soybeans and now need to get Monday’s USDA numbers out of the way in order to move forward.

December corn trading at 464, just above its 200-day moving average at 460.

November soybeans trading at 1075, just above its 200-day moving average at 1065.

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