Grain Markets Continue to Slide

Posted: March 23, 2023, 3:37 p.m.

Grain markets continued to slide lower in today’s session, with soybeans leading the way lower. Is there a bottom in sight?

May corn futures were down 1 3/4 cents on the day, settling at 631 3/4. The new crop December contract was down 2 1/4 cents, settling at 552 1/4. Another flash sale, the 7th in the last 8 days, may have helped corn hold ground better than soybeans.

May soybeans got taken to the woodshed again, settling 29 cents lower to 1419 1/2, the lowest close since October 28th. The new crop November contract found support at the psychologically significant $12.50 level before settling the day at 1258, that was 14 1/2 lower.

May Chicago wheat was down 1 1/2 cents to 662, right near the low end of the range from March 9th and 10th. The KC Hard Red Wheat wins the gold star with the May contract settling 8 1/2 cents higher to 819 3/4.

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