Jan 30, 2023

Soybeans traded higher from the start and consistently set intraday highs as we progressed through the session. The entire soy complex enjoyed big gains on the day. With bean oil and meal both trading higher, soybeans came along for the ride. Corn and wheat were both reluctant followers. Corn saw mixed trade throughout the session but firmed 1-3 cents higher towards the end of the session. Trade pushed corn towards a fresh high for the move but fell short after meeting some trendline resistance. Weekly export inspections were a slight miss for corn at 528k tonnes. Soybean shipments were at the top end of the estimates at 1.855 mln tonnes. We should see a sharp downturn in soybean shipments soon with that logistic space being turned over to corn. Soybeans have put together an extended shipping season with some late additional sales. Now we are at the point where trade has pushed U.S. grain values well above Brazil's and it would not be a surprise to see some cancellations of U.S. soybean sales in the near future. Corn export sales will likely continue to be routine at these elevated price levels, as well.

A nice recovery in November 23 soybeans. If looking to make a sale, setting a target near the 50-day moving average (closed at 13.83 today).

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