11/7/2022
Nov 07, 2022
The market was defensive and went risk-off to start the week after China flip-flopped on their announcement from last week about loosening up of Covid protocols. Two days out from our November WASDE report, the market is leaning towards a larger supply and smaller demand for corn. Soybeans were pressured on what the China Covid protocols possibly mean for U.S. soy demand. U.S. weekly export inspections were excellent for soybeans at 2.591 million tonnes, hanging with some of our best numbers over the past seven years. Soybean export shipment pace falls short of the USDA target by 73 million bushels compared to 89 million bushels the previous week. This gap should continue to narrow. Corn inspections disappointed with 231k tonnes inspected for shipment. This was the lowest total for this week over the past seven marketing years. We should start to see an upswing in corn inspections going into the second half of November. Have sell orders working on Wednesday to capture potential price spikes following our WASDE report.
