02/19/2025 Breaking Resistance, Testing Support

On the Grains
Corn finally broke the $5.00 mark yesterday as we saw additional strength into the close and overnight. Meanwhile, export inspections continue to progress: 63.4 MBU, now putting us on pace for 2020-2021 type numbers (when corn was dirt cheap). It took a while, but low prices did encourage buying. Now, we have a Brazil crop that is somewhat behind the ideal planting pace, 45% planted, while most producers would like to be 80% heading into the final week of February. The risk of La Nina developing is high enough that it still needs to be recognized.