2/5/2024

Feb 05, 2024


Soybeans were quietly 4-7 cents higher and corn mostly unchanged to begin the week.  The grind continues, picking up where we left off last week as the market evaluated some weekend rain in South America.  This morning, the USDA announced 155,000 tonnes of soybeans for delivery to Mexico during the 2023/24 marketing year.  There was a little bit of role reversal in the weekly export inspections report.  Total tonnes shipped last week between corn and soybeans were near the top end of the trading range total guess but corn missed to the low side and soybeans well outperformed their high estimate.  Shipments totaled 624k tonnes for corn and 1.426 mln tonnes for soybeans.  That was a 10-week high for soybeans.  We should begin seeing an upswing in corn shipments as we near their seasonal window for shipping.  Marketing year to date, corn shipments slow their pace to an 11-million-bushel surplus versus an 18-million-bushel surplus last week.  Soybean shipments improve from 68 million bushels behind the USDA target pace to a 64-million-bushel deficit.

Read More News

Apr 24, 2024
Profit taking was the feature of corn and soybean trade after corn rallied 20 cents and soybeans rallied 46 cents over the past week.  Spread correction was also seen today with May price spreads widening back out 1-2...
Apr 23, 2024
After struggling a bit on the tail end of overnight trade, corn and soybeans traded steady higher and looked their most firm heading into today’s close. After chugging higher for a third consecutive day, we viewed some more...
Apr 22, 2024
Some really nice follow-through after Friday's recovery resulted in some key technical signals for trade. Each pullback throughout the day was met with some fast buying. Corn and soybeans followed wheat's lead. Wheat...