1/26/2024

Grains go into the weekend on a down note.  After rallying 35 cents from Monday through Wednesday, soybeans spent the last two sessions in the red and gave back most of those gains to close the week near unchanged.  Corn spent this week in a slow churn higher but gave back all gains today to also finish unchanged on the week.  We had found some support and buying interest based on South American weather.  Trade has a decent idea of what the crop will be in Brazil but concerns over the conditions in Argentina had trade covering some shorts until an updated forecast appears to be bringing some relief to crops in the country.  This morning, the USDA confirmed the sale of 100,000 tonnes of soybean meal for delivery to unknown during the 2023/24 marketing year.