There hasn’t been much of a post-harvest rally to work with in the commodity markets. Successful Farming says fund traders are especially short in the corn market and slightly long in soybeans.
December corn went off the board at nearly $4.60, and March is the new front month, which has been trading recently at the low end of its range at $4.70. There hasn’t been a lot of demand recently. On-again, off-again concerns over Brazil’s weather aren’t helping send the markets in a higher direction. Corn traders estimate a two-billion-bushel carryout, which should be more than enough supply. That’s kept any technical rallies in check.
Soybean demand is improving, but traders remain more focused on Brazil’s weather, which looks to be improving early in 2024. While many forecasters have lowered Brazil’s harvest projections, they’re only down by 20 percent. The perception is that there will be enough soybeans to meet demand.
