Nov 06, 2023

Grains opened higher Sunday night with some solid follow-through buying in soybeans as the main highlight of today’s trade. Soybeans set another round of fresh two-month highs, improving their foot-hold well into the teens. Soybeans were the market leader on the day and the only thing supporting corn and wheat to modestly higher finishes. The USDA confirmed two export sales for delivery during the 2023/24 marketing year this morning: 126,000 tonnes of soybeans for delivery to China and 289,575 tonnes of corn to Mexico. Weekly export inspections were on the high-end of expectations with 535k tonnes of corn and 2.085 mln tonnes of soybeans shipped last week. The USDA also revised the prior week's soybean inspections upward. Current shipment paces show corn short of the seasonal pace by 24 million bushels and soybeans exceeding their needed performance by 55 million bushels.

Trade defended the September, and 2-year, low in corn at 467’6 last week and we saw some follow-through support today. We expect some life in the corn market between Thanksgiving and Christmas.

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