Dec 08, 2023

Friday looked like corn and soybeans were going to continue on their recovery path heading into the weekend. We started our day with another set of sale announcements from the USDA. These sales included 136,000 tonnes of soybeans to China, 110,000 tonnes of soft red wheat to China, and 165,000 tonnes of corn to unknown all for delivery in the 2023/24 marketing year. Corn was trading 3-4 higher and soybeans near 15 higher going into our monthly WASDE report. With the funds current positions, trade had no problem picking up some fresh length ahead of the report. The report offered little-to-no fresh fundamentals to trade and the new money sold-off during the remaining 2 hours of the session. Corn closed with losses of 1-3 cents and soybeans gave up 4-7 cents on the day.

A slight increase to the corn export forecast and no changes on the soybean balance sheet.

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