3/21/2023

Corn and soybeans tried to turn higher going into the coffee break but were immediately sold off after 8:30. The corn trade was steady in the range of 1-3 cents lower and soybeans continued to leak throughout the day. After steadying around a nickel lower, soybeans were down double-digits at noon. The USDA confirmed another corn sale to China this morning with an additional 136,000 metric tons for delivery during the 2022/23 marketing year. We have had a solid string of announcements over the past couple weeks but we need to see more if we want corn to hit the current USDA export target. Shipment pace for corn exports is currently 152 million bushels behind what is needed to meet that number but the deficit has begun to slow shrink. Soybean exports are currently 44 million bushels ahead of their pace needed to meet their export forecast from the USDA. That number has been holding steady. Extended forecasts are beginning to improve and now show some seasonably comfortable temps to begin April with. It sure would be a shame if we had some ‘above normal’ temperatures, wouldn’t it?

First close below the $13 level for November soybeans since early August last year.