3/25/2024

Soybeans pop higher to begin the week and corn bounced around from 2 higher to 2 lower in choppy trade.  With the planting intentions report coming out on Thursday, I expect this type of price action in corn to be consistent throughout the week and the $12 level to be like a magnet for soybeans.  The winter weather system we heard about for 5 days appears to be more of a dud than what was forecasted but it certainly has brought some much-welcomed moisture to our area.  We have minimal frost and that will allow the ground to take advantage of most of this snow.  Weekly export inspections were within their expected ranges and consistent with average volumes for this week of the calendar year.  Corn shipments were reported at 1.228 mln tonnes and soybean inspections totaled 769k tonnes.  Seasonal shipment paces for corn and soybeans also increased their surpluses over the USDA export volume targets.  Corn inspection pace is now at 37 million bushels (+3 mln from last week) ahead of target and soybean inspection pace is 14 million bushels (+6 mln from last week) ahead of target.