Jun 29, 2023

Corn and soybeans were higher throughout the overnight session but trade immediately flipped to lower/mixed as we neared the morning break.  There was an attempt around the midday point at higher trade but corn was unable to hold.  Corn bounced around for the remainder of the day from 5-9 cents lower.  Two-sided traded was the feature in soybeans for most of Thursday before finally finding solid footing higher out to the Nov 23 contract.  Weekly net export sales were modest all around.  For old crop: the 140k tonnes of corn and 227k tonnes of soybeans were on the low end of expectations.  New crop corn sales came in at 124k tonnes and new crop bean sales totaled 17k tonnes.  Sales pace deficits also grew with corn now 128 million bushels behind and soybeans 84 million bushels behind their USDA export targets.  Tomorrow is our quarterly stocks and acres reports.  Trade is expecting corn and soybean stocks to be below 2022 levels.  Analysts also expect a small drop in corn plantings and a small increase in soybean plantings.  For those with Dec HTAs, the Dec:Mar spread has worked itself back out to around a 10 cent carry.  Not a bad place to start if you're planning on storing corn.


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