10/16/2023

Relatively unexciting ranges of 7 cents in corn and 10 cents in soybeans to start the week.  Highs were set on the open of overnight trade.  Weekly export inspections were a miss to the low-side for corn with 435k tonnes inspected.  Soybeans outperformed expectations in a big way with 2.012 mln tonnes shipped versus the estimate 1.3 mln tonnes.  Historical data shows that this volume would fit within the norm for the week.  Corn and soybean shipping pace for the marketing year is close to target for both.  The USDA confirmed two export sales for delivery in the 2023/24 marketing year with 200,000 tonnes of corn to Mexico and 183,000 tonnes of soymeal to the Phillipines.  NOPA crush for September totaled 165.456 mln bushels vs the estimated 161.7 mln bushels.  Soyoil stocks totaled 1.108 bln lbs vs 1.208 bln lbs estimated.