Nov 28, 2022

Soybeans flex some strength on a move higher to start the week and corn is unable to hold its head above unchanged, held down by some sharp sell-off in wheat. Soybeans started out lower with trade nervous about political unrest and riots in China and how it would affect soybean demand. Buying gained momentum going into the release of the weekly export sales report. The report came in with an okay number for soybeans at 2.022 mln tonnes inspected, in line with this week's average numbers. Corn and wheat missed low with 302k tonnes of corn and 199k tonnes of wheat. Intraday highs were set for the day at this point and trade took back some of the gains. Shipment pace for corn is now behind the USDA target by 154 million bushels versus 151 million last week. Soybean shipments are behind the seasonal pace needed to hit the USDA target by 54 million bushels versus short 63 million bushels last week. There was an 8 a.m. announcement this morning for 110,000 tonnes for delivery to unknown during the 2022/23 marketing year.

Soybeans are trying to break higher out of their wedge after 5 months of coiling/consolidation. Some nice bullish features on the chart today include a bullish key reversal for today’s candle and a close well above the 200-day moving average. Potential for a return to pre-harvest price levels on the board.

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