Jan 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.


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