1/19/2023

Jan 19, 2023


1/19/2023
After fast tracking to some fresh highs earlier this week, corn and soybeans appeared to begin a corrective move lower today.  The USDA announced some routine business this morning, confirming the sale of 195,000 tonnes of corn for delivery to Mexico.  There has been a bit of optimism for corn exports over the past week but if something doesn't change soon, the USDA will have to make more cuts to corn exports from the current 1.925 billion bushels forecasted for this marketing year.  Money is the main driver of the market and a solid improvement in the Argentine weather forecast looks to bring some much-needed moisture to the area.  Combining that change with a soybean harvest that continues to ramp up in Brazil, money leaked out of grains.  Harvest reports out of Brazil are evident of record production, with area yields coming in 10-15% above average.  Weekly ethanol performance showed production increased 65,000 barrels/day to 1.01 million bpd.  Stocks were off 398,000 barrels, down to 23.4 mln bbls.

drought-monitor.png

Read More News

Apr 19, 2024
A nice pop in the markets to end the week after a sharp rise in geopolitical tensions. Retaliatory strikes between Iran and Israel took place overnight and, unfortunately, corn and soybeans need something like this to fuel a...
Apr 18, 2024
Not much to get excited about today. Corn and soybeans traded higher for a very brief moment before weakness set in. Corn ends the day down 3-5 cents and soybeans lose 12-15 cents. The weekly export sales...
Apr 17, 2024
An uneventful week for corn and soybeans so far.  A large majority of the volatility has been isolated to the soy trade which today saw beans finish 1-5 higher, meal $3 higher, and some small gains in oil.  Corn traded less than...