Grain > Commentary > 11-16-2023

11/16/2023

Nov 16, 2023

Corn was the lone bright spot in trade today with finishes ranging from 3 to 5 cents higher.  Almost every other ag commodity was lower.  The soy complex as a whole was down and featured soybeans sharply lower with 17-24 cent losses.  At 8 a.m. this morning, the USDA confirmed the sale of 220,000 tonnes of soybeans for delivery to unknown during the 2023/24 marketing year.  The weekly export sales report was a weekly sales record for soybeans with 3.918 mln tonnes sold.  This was within the range of expectations following last week's large sale announcements.  Corn out-performed expectations with 1.8 mln tonnes sold.  Corn and soybeans both made leaps towards catching up to their sales paces needed to meet their USDA targets.  Corn improved from 48 million bushels short to 10 million bushels short.  Soybeans improved from 170 million bushels short to 51 million bushels short.

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