2/9/2023

Light, choppy trade provided just enough sell pressure to corn, soybeans, and wheat to send them all drifting quietly lower throughout the session. March corn traded both its high and low for this week, extending its range for the week from 7 to 10 cents and putting an outside reversal lower on the daily chart. Soybeans had worked their way higher, back to trading near where we opened the week at but were swiftly sold off at the 8:30 open. Weekly export sales were on the top end of expectations for corn and the low end of expectations for soybeans. Last week's sales netted out at 1.16 mln tonnes of corn and 459k tonnes of soybeans. Export sales pace to date for corn are short of the pace needed to meet the USDA target by 246 million bushels, a 10-million-bushel improvement from prior week. Soybean sales pace exceeds the pace needed to meet the USDA target by 64 million bushels, down from 72 million bushels last week.

Some of the tightest range trade we’ve seen in corn in a long time this week. 100- and 200-day moving averages beginning to roll over. Looking for a combination of support between the 50-day moving average and the bottom side of our wedge near 665’0.