1/9/2023

Jan 09, 2023


1/9/2023
A quiet start to the week in corn and soybeans.  Overnight trade was steady in the range of 1-3 cents higher for corn and 5-10 cents higher in soybeans.  Trade gave way to weakness shortly after the 8:30 open where corn and beans hovered backwards to trade either side of unchanged.  We will likely remain in relatively tight ranges as we move towards Thursday's big data dump from the USDA.  The weekly export inspections report was, once again, lacking anything exciting.  Corn shipments totaled 398k tonnes and soybean shipments came in at 1.438 mln tonnes.  These figures were on the low-end of expectations for corn and mid-range for soybeans.  Marketing year shipment pace for corn is currently 150 million bushels below the USDA target, soybeans at 46 million bushels behind target.  Despite what some are calling severe dry weather, pre-report estimates show Argentina still producing a larger crop than last year.  Trade also expects the USDA to show a 9% increase in Brazil's corn crop this year and a 20% increase in soy production.

outlook.png

Read More News

Apr 24, 2024
Profit taking was the feature of corn and soybean trade after corn rallied 20 cents and soybeans rallied 46 cents over the past week.  Spread correction was also seen today with May price spreads widening back out 1-2...
Apr 23, 2024
After struggling a bit on the tail end of overnight trade, corn and soybeans traded steady higher and looked their most firm heading into today’s close. After chugging higher for a third consecutive day, we viewed some more...
Apr 22, 2024
Some really nice follow-through after Friday's recovery resulted in some key technical signals for trade. Each pullback throughout the day was met with some fast buying. Corn and soybeans followed wheat's lead. Wheat...