11/3/2022
Nov 03, 2022
Corn and soybeans both lower after a day that lacked fresh news. Corn found technical support at the 50-day moving average on multiple charts and soybeans flirted with either side of their 200-day moving average for the second consecutive session. This week’s export sales report showed corn sales still running just above 50% of last year’s pace (and under 50% of the total needed weekly to meet the USDA forecast) with 372k tonnes sold. Domestic demand for corn remains strong but export demand is stagnant/slow. Soybean sales were average for this time of year with 830k tonnes sold. The shipping situation on the river has improved following some rains that have raised the water level. Adding some pressure to the market today was Russia announcing they would abandon an area of Ukraine.
