1/17/2023

Corn and soybeans start the week off on a strong note. Both recovered from overnight lows to challenge the nearby highs on the charts from late December. We had a good shot of fresh news today. To start us off, the USDA confirmed sales of 150,000 tonnes of corn for delivery to Colombia and 119,000 tonnes of soybeans for delivery to unknown, both during the 2022/23 marketing year. We then received our weekly export inspections report where both corn and soybeans exceeded trade expectations with 774k tonnes of corn and 2.075 mln tonnes of soybeans shipped last week. U.S. corn export shipments to date are short of the pace needed to meet the USDA target by 156 million bushels versus 150 million short last week. Soybean shipments are 40 million bushels behind the pace versus 46 million bushels last week. The NOPA Crush report for December was released today, as well, with slightly negative numbers. Bushels crushed for the month was figured at 175.505 million bushels, below the trade guess of 182.907 mln bu. Soy oil stocks were reported at 1.791 bln lbs, above the trade guess of 1.725 bln.

Key reversal higher today on the corn and soybean charts. Corn is looking like it has finally broken out of its wedge to the high side. If money follows-through, $6.75-6.80 cash corn could be possible in the near future. Have your sell-orders working!