Mar 15, 2023

Corn started higher with May and July corn putting gaps on the charts at the open of overnight trade but quickly traded back to unchanged. The remainder of the session was relatively quiet. Corn stayed within a 10-cent range and 20 cents caught a large majority of the soybean action on Wednesday. Yesterday's large corn export sale announcement was followed up by another confirmation from the USDA this morning with 667,000 metric tons of corn for delivery to China during the 2022/23 marketing year. It appears China may now be looking for a break in soybean meal prices with a news headline about a surge in African Swine Fever on Chinese hog farms hitting the wire just a couple hours after. Weekly ethanol showed in increase in production of 4,000 barrels/day to 1.014 million bpd and stocks up 1.074 million barrels to 26.4 mln bbls. The grain sector traded steady today compared to outside market places. Bank failures have been the top news stories lately and Wall Street has been in herd selling mode. Crude oil traded $5/bbl lower, printing 15-month lows and the DOW was down as much as 700 points during the day.

May soybeans are trying to establish support at the 100-day moving average. Trade managed to finish the day above this support level after spending most of the morning below it.

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