Jan 25, 2024

Soybeans were sharply lower today, finishing 10-17 cents in the red after a quick test and fail at the 20-day moving average. Surprisingly, corn held its ground and seemed unaffected by the negative trade in soybeans, finding a bid at 5 lower and improved to close Thursday at 1 cent lower. A combination of the fail at the 20-day, a poor showing on the weekly export sales report, and Brazil harvest were cited as the reason for today's weakness in soybeans. Corn sales totaled 955k tonnes which was near the middle of its expected range. Soybean sales missed low, reported at 561k tonnes. Trade had expected sales to total in the range of 700k-1.2 mln tonnes. Corn sales pace to date shows corn sales exceeding the USDA target by 46 million bushels, down from 58 million bushels the previous week. Soybean pace continues to increase its deficit, now 17 million bushels behind the USDA target versus 12 million bushels last week.

Some nice improvement in moisture conditions over the past month.

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