Oct 24, 2022

General weakness in corn with harvest and hedge pressure saw the commodity locked in 1-2 cent lower trade for a majority of the day. Soybeans were sharply lower, reacting to China further consolidating political power. November options also expired on Friday which may have left some feeling the pain of some bad call purchases and cutting losses. Weekly export inspections were 18.5 million bushels, well below the 41.1 million average that is needed weekly for corn to meet the USDA export forecast. Soybean inspections totaled 106 million bushels; a huge number that helps gain back some ground from the marketing year's slow start. Weather forecast looks favorable for corn harvest to be pretty well finished this week. The farmer was an active seller today, pricing delivered corn bushels.

Corn trade has been mostly sideways for the past two months, stuck inside of a 30 cent range and continues to coil/consolidate. Outlook is favorable for higher prices closer to the end of the year. Looking at the 725-750 futures area as a target window for future sales.

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