1/10/2023

Trade has been focused on positioning ahead of Thursday's big data dump. Corn and soybeans were largely weak overnight and came off of lows as money tries to get the market to move. Both also enjoyed relatively large ranges on the day and finished mixed within a few cents of unchanged. Corn saw around 9-16 cent ranges while soybeans traveled roughly 19-25 cents between their daily highs and lows. Overall, it was a weak finish on the day. The charts continue to coil/tighten, priming us for a sizeable breakout following Thursday's report numbers. This morning, the USDA confirmed the sale of 174,181 tonnes of soybeans to Mexico for delivery in the 2022/23 marketing year. The PNW remains extremely quiet but corn bids out of the gulf jumped overnight. The assumption is some sizeable export business is getting done but corn needs more if we want to keep these price levels supported. A degrade of growing conditions in South America, outside of Argentina, would also be helpful.