Apr 14, 2023

Corn and wheat higher in strong fashion and soybeans down 5-13 cents to end the week.  With a lack of any fresh news to trade, managed money and speculator action was the name of the game on Friday.  The USDA gave us another 8 a.m. export sale announcement this morning and it was another sale to China split between the 2022/23 and 2023/24 marketing years.  246k metric tons of corn for delivery in 2022/23 and 136k metric tons of corn for delivery in the 2023/24 for a total of 382,000 metric tons.  That's a two-day total of approximately 27.9 million bushels.  The charts have a slightly bullish look to them with May corn closing above the major moving averages and soybeans setting up a potential bull flag pattern.  We still want to be careful getting overly bullish on old crop and feel the $6.50 cash corn and $14.50 cash soybeans are important numbers to grab when they're available.  Sell-orders are still important to implement as it is common for these values to be disappear as fast as they arrive.

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