2/12/2024

Corn improves a penny after setting fresh lows overnight and soybeans put together a 9-cent bounce on Monday. Weekly export inspections came in on the high end of expectations with 880k tonnes of corn and 1.326 mln tonnes of soybeans shipped last week. Marketing year to date, corn shipments exceed their pace needed to meet the USDA forecast by 13 million bushels, up from 11 million bushels last week. Soybean inspections are currently 25 million bushels behind their required pace. The forecast for Brazil soybean production this year has some discrepancies between CONAB and USDA. CONAB is showing significant lower production and trade is definitely giving this some serious consideration. Soybeans have been mostly inside of a 30-cent range over the past 7 sessions and markets typically do not stay in one spot for long. The next move for soybeans will either be a nice recovery to fill upside gaps or a breakdown lower. We are in a good support area for corn. The corn market as a whole appears healthy and end users are willing to buy corn at current prices.