Grain > Commentary > 3-10-2023

3/10/2023

Mar 10, 2023

3/10/2023
After dipping 3-5 cents lower just ahead of the coffee break, corn managed to keep its head above water (and the $6.00 level on the board) on Friday to end the week.  Soybeans finished 3-5 lower but firmly above their low marks on the day.  The market was ready to buy May soybeans when it briefly traded below the $15 level.  U.S. export sales netted a marketing year high for corn last week, exceeding market expectations for a total 1.412 mln tonnes.  On the opposite end of the spectrum was soybeans, which printed a marketing year low with 23k tonne net cancellation, led by Pakistan cancelling 2 cargoes.  After trading its highest levels in over 14 years in 2022, wheat continues on its path downward, spring wheat contracts are trading around 60% of their value from 10 months ago.  Also keeping the market defensive and on edge is Wall Street.  As of about 1:20pm, the DOW was down 1,500 points and the NASDAQ 500 points lower on the week.

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