2/13/2023

Argentine weather is the only excuse needed for the finds to pile into fresh length.  Overnight weakness gave way to buying going into the coffee break and that momentum was mostly sustained throughout the day.  December corn stubbornly sits just under the $6 level and has only traded a 15-cent range over the past month.  Once again, March corn ran into the top side of its wedge today but still not able to break out of its current range.  The previous 4 visits into the 685-690 range have been met with selling.  U.S. export inspections were within their expected ranges for corn and soybeans last week.  Corn still posting low numbers with 512k tonnes shipped.  Corn shipment pace is currently 155 million bushels short of the USDA target versus being short by 143 million bushels last week.  Soybean shipments were their lowest for the calendar year but still well above average for the week at 1.555 mln tonnes shipped.  Their shipment pace is currently 52 million bushels ahead of the USDA target versus 40 million bushels ahead last week.  Brazil harvest pace is slower than last year due to rains but with a much bigger crop, total harvested probably isn't as far behind as progress percentages would suggest.