1/26/2023

With technical indicators lining up on the bottom side of our trends and ranges, it was risk on today in corn and soybeans.  General buying was observed in most outside markets today, as well.  If corn can stabilize near the top end of its January trading range, the market may be able to push towards the futures levels traded during harvest but don't expect basis to stay neutral or firm if this happens.  The farmer has become an active seller in this price area over the past month and basis continues to become more defensive.  Volumes were decent on the weekly export sales report.  Corn came in near the middle of its trading range with 910k tonnes sold.  Soybeans were towards the high-end of its estimates at 1.146 million tonnes sold.  The USDA confirmed the sale of 106,000 tonnes of soybeans to China for the 2023/24 marketing year (new crop).