Grain > Commentary > 3-6-2023

3/6/2023

Mar 06, 2023

3/6/2023
Corn lower and soybeans higher to begin the week.  With the market focused on Argentine crop ratings and weather, trade was aggressive in buying soybeans early in the session on Monday but had given back a majority of gains by the mid-day point.  Corn was stuck in 1-4 cent lower trade for most of the day.  I guess only the soybeans are suffering from drought in Argentina.  The USDA came through at 8 a.m. with two corn sale announcements, both for the 2022/23 marketing year.  These included 110,000 tonnes for delivery to Japan and 182,400 tonnes for delivery to unknown.  Weekly export inspections showed a nice pop in corn shipments, coming in above expectations at 900k tonnes.  Soybeans missed low at 542k tonnes.  That was lowest total for the week going back to the 2016/17 marketing year.  We seem to be stuck in a winter that just doesn't want to end and it’s only a matter of time before trade will want to talk about potential planting delays.  Potential will be there to grab a weather premium on the board.  Fixing basis on any unsold corn you have remaining in the elevator or at home before the end of March should be strongly considered.

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