2/6/2023
Feb 06, 2023
A quiet day for corn, trading a 5-7 cent range and finishing mostly 1-3 cents higher. Soybeans were double-digits lower, reeling from a reversal lower in soybean meal and some quietly lower trade in soy oil. The USDA made a pair of sale announcements this morning. First were 111,800 tonnes of corn for delivery to Japan during the 2022/23 marketing year. Second was 200,000 tonnes of corn for delivery to Mexico, split 50/50 between the 2022/23 and 2023/24 marketing years. Weekly export inspections showed another sizeable week for soybeans coming in on the high end of expectations with 1.830 mln tonnes shipped. Corn shipments were on the low-side with 480k tonnes shipped. This is the second lowest corn total for this week in the past 10 years. Soybean shipment pace is now 40 million bushels ahead of the pace needed to meet the USDA target for the year. Corn export shipments to date are 143 million bushels behind the pace needed to meet the USDA target and the deficit has been growing over the past few weeks.
