Feb 14, 2023

Corn and soybeans appeared to be building strength for a move higher and extending the current ranges during the overnight session but trade was ready to sell at what would be considered the top-end of our price levels for 2023 (so far). Late yesterday, it was announced that Mexico would scrap a deadline to ban genetically modified corn for animal feed and industrial use but retained plans to prohibit use of the grain for human consumption. This removes a January 2024 deadline. When this was first announced by Mexico, the U.S. trade did not take it seriously and continued to call Mexico's bluff. Mexico is the single largest importer of U.S. corn. The ban would have hurt U.S. corn demand but Mexico really had no other reasonable options to source corn from. I'm sure this is the only example in history where something put on paper by a government body didn't make sense. As fast as the export sale announcements from the USDA were turning into part of our daily routine, they have gone silent just as quickly.

After trading their highest marks since early June yesterday, soybean charts are putting together a potential triple top. There is a similar look on the corn charts, as well.

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