Grain > Commentary > 2-27-2023

2/27/2023

Feb 27, 2023

2/27/2023
Grains saw some brief trade higher during the overnight hours but quickly gave away to selling after the 8:30 re-opening. With very little fresh news available for corn and soybeans, wheat was the price leader today. This weekend saw much needed rains move across parts of the Oklahoma and Texas panhandles and Southwestern Kansas. More is needed to make those crops, yet, but the significant rainfall brought a sense of relief. With large snowfalls in the northern plains last week and a good rain in the heart of the dustbowl, the weather patterns are possibly shifting following a drought-ridden 2022. Offering no help was the weekly export inspections. With 573k tonnes shipped last week, corn shipments were within expectations but remain limited. We continue to wait for an improvement in corn volumes. Soybeans missed low with 691k tonnes inspected. This number was below average for the week and was the first bad week for soybeans we've seen in a long time but still above what is needed weekly to reach the USDA export number.

December corn has held above its significant August low. I expect some corrective buying come in over the next couple days.
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