2/16/2023

Feb 16, 2023


2/16/2023
Thursday's trade was featureless and, overall, extremely quiet for corn and soybeans.  Ranges were relatively tight and we spenting most of the day bouncing back and forth between 1-2 cents higher or lower throughout the session.  Following yesterday morning's announcement, the USDA confirmed another export sale this morning.  This sale was for 128,000 tonnes of soybeans for delivery to unknown for the 2022/23 marketing year.  Weekly export sales were decent for corn, coming in at the towards the upper end of estimates at 1.025 mln tonnes sold last week.  Soybean sales were okay at 513k tonnes but most of these old crop sales were previous sales being switched from unknown to China as the destination.  The markets have been in some very quiet trade range since the USDA published their final production numbers back in January.  Also, there's been some issues over that same timeframe with the CFTC reporting the estimated fund positions.  The day-to-day, week-to-week price action has not been reflective of how little the estimated positions have changed.  This has contributed to the market struggling to find direction.

drought-monitor.png

Read More News

Apr 19, 2024
A nice pop in the markets to end the week after a sharp rise in geopolitical tensions. Retaliatory strikes between Iran and Israel took place overnight and, unfortunately, corn and soybeans need something like this to fuel a...
Apr 18, 2024
Not much to get excited about today. Corn and soybeans traded higher for a very brief moment before weakness set in. Corn ends the day down 3-5 cents and soybeans lose 12-15 cents. The weekly export sales...
Apr 17, 2024
An uneventful week for corn and soybeans so far.  A large majority of the volatility has been isolated to the soy trade which today saw beans finish 1-5 higher, meal $3 higher, and some small gains in oil.  Corn traded less than...