5/15/2023

Markets were mixed overnight but some strong trade in wheat pulled soybeans and corn higher through the day on Monday.  July corn challenged to take out the last week's high on the chart right at the 600'0 level but ran into resistance at the 20-day moving average and settled well off the mark at 592'4.  We did have some folks take advantage of cash corn trading around 10 cents higher today.  The USDA's report on Friday still used a huge 181.5 yield and 92.6 million acres for corn.  I expect that will be the largest yield number we will see this year.  Acres will likely come down from 92.6 but with the corn being planted quickly in an ideal window, don't expect that number to be trimmed much.  NOPA crush for April came in with an all-time high for the month with 173.232 mln bushels of soybeans crushed but was below the trade average guess of 174.173 mbu.  Soy oil stocks at 1.957 bln lbs was a 14-month high and well above the 1.828 bln lb trade estimate.  Weekly export inspections were near the top for corn with 1.174 mln tonnes shipped and looked like the dagger for the soybean program, missing low at 148k tonnes.