Closing Market Comments March 17, 2023

Today’s Prices

Grain markets finished mixed today with pressure on soybeans and corn and wheat having a stronger day.

Grain Market News

Argentina’s Soybean Production

If we do come in at the 25mmt, going back through 2002 we haven’t had production that low.

The last time we had production that low was in 1999.

Grain Market News

May Corn Chart

Corns high of the day was at 6.38.

Chart support is at 6.24.

The charts look good, and we think corn is in the process of finding a bottom.

Overhead resistance at 6.44.

May Soybean Chart

Soybeans traded down to 14.70 today.

Chart support at 14.54 area and overhead resistance coming in at 14.90.

We are still looking for the soybean market to find some support.

May KC Wheat Chart

Wheat traded through the 20-day moving average today.

We have chart support at 8.27 and then $8 and overhead resistance at 8.46.

This market does have a chance for additional strengths.

Questions or Comments