3/27/2023

After a short period of lower trade overnight, corn and soybeans turned it around to begin the week strong. Soybeans enjoyed gains of 13-15 cents and corn picked up 5-9 cents on Monday. Corn shook off a poor showing in the weekly export inspections, missing low at 666k tonnes shipped. Soybeans were at the upper end of their expected range with 889k tonnes shipped. We also had another sale announcement at 8 a.m. this morning with the USDA confirming 112,800 metric tons of corn for delivery to unknown during the 2022/23 marketing year. Soybeans inspections to date for this marketing year are 54 million bushels ahead of the pace needed to meet the USDA target, up from 44 million last week. Corn shipments for the marketing year are 170 million bushels behind the pace needed to meet the USDA target, up from 152 million bushels last week. Trade will likely continue working towards neutral spots on the charts ahead of Friday's prospective plantings and quarterly grain stocks reports.

Textbook inverted head and shoulders pattern on May corn.