New crop corn and soybeans satisfy historical minimum trading range requirements.

Earlier this year Allendale released a study covering the general trading range that December corn and November soybeans see each year. Running from January 1 to expiration, simply looking at the high and the low, we used it to speculate on potential downside for 2024.

Over the past 15 years December corn saw a minimum trading range of at least 87 ¼ cents wide. Using the January 1 high of 502 ¼, and the recent low of 403, we now have a 99 ¼ cent range. This now qualifies for the minimum of the prior 15 years. It is a wider range than four of those 15 years. This is not a statement suggested the low is in.

Over the past 15 years November soybeans saw a minimum trading range of at least 133 ¾ cents wide. Using the January 1 high of 1237, and the today's low of 1031 ¾, we now have a 205 ¼ cent range. This certainly qualifies for the minimum of the prior 15 years. It is a wider range than four of those 15 years. This is not a statement suggested the low is in.

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