10/31/2023

The corn market was quiet on Tuesday, with ranges of 5-6 cents and closes on either side of a penny higher catching most of the contracts.  Other than a buying spike around the mid-day point of the session, trade was extremely steady and sideways.  Soybeans were a little more exciting, with trade up to 18 cents higher at one time on the day.  We faded off of the intraday highs and ended the session with modest gains of 1-4 cents.  The USDA made an export sale announcement this morning confirming 239,492 tonnes of soybeans for delivery to Mexico during the 2023/24 marketing year.  The forecasted ending stocks are tight for U.S. soybeans but demand has been a little sluggish, as well.  Along with continued farmer selling, November soybeans will struggle to eclipse $13.  Corn continues to be stuck in range trade.  Rallies continue to invite farmer selling and carry through strength on these rallies is lacking with big harvest activity still progressing through the U.S.