4/28/2022

Corn was higher from the start overnight with fresh board length following a day filled with rumors of Chinese interest in more U.S. corn.  This morning, the USDA confirmed an export sale of 1,088,000 tonnes of corn for delivery to China, with 476,000 tonnes delivered in the 2021/22 marketing year and 612,000 tonnes delivered in the 2022/23 marketing year.  The soy oil market continues its hot streak that was kicked off by Indonesia banning palm oil exports.  The combination of strength in both soy oil and corn has been supportive for soybeans but they have struggled to advance back towards previous highs.  Soy meal values have fallen roughly 10% from their own highs over the past month (around $50/ton) and has acted as an anchor on soybeans.  Export sales were modest last week with corn coming in just under target at 867k tonnes sold and soybeans were mid-range with 481k tonnes sold.  Wheat sales were almost non-existent with 32k tonnes sold.  The total sales for soybeans now match the USDA target of 2.115 billion bushels with 4 months remaining in the marketing year and with China and others still buying but we still need to get everything shipped.  Unshipped sales will affect the balance sheet when we roll into the new crop year.