Oct 13, 2023

Profit taking to end the week was featured on Friday following Thursday's huge rally in soybeans after the USDA printed some market friendly numbers in the October WASDE. Corn traded 2-3 cents higher and soybean trade was in 8-10 cent higher range overnight but sellers took over after the morning break. The USDA confirmed three U.S. export sales this morning for delivery in 2023/24: 181,000 tonnes of wheat to China; 117,300 tonnes of soybeans to unknown; 100,000 tonnes of soymeal to unknown. The weekly export sales report exceeded trade expectations with 652k tonnes of wheat, 910k tonnes of corn, and 1.057 mln tonnes of soybeans sold last week. Marketing year-to-date sales for corn are short of the pace needed to hit the USDA target by 47 million bushels, unchanged from last week. Marketing year-to-date sales for soybeans are short of the pace needed to hit the USDA target by 150 million bushels compared to 141 million bushels short last week.

Some nice pushes higher following yesterday’s report but no breakouts to the upside in either corn or soybeans. The 5 handle has turned into a point of stiff resistance in December corn where we have traded a fairly tight 25 cent range over the past two months. The November bean chart set up with two points of resistance converging with the 1300 handle meeting the trendline off of our August high almost perfectly.

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