7/10/2023

Jul 10, 2023


7/10/2023
Corn was steady in the 4-5 cent higher range and soybeans trended higher throughout the session finishing with gains of 18-27 cents on Monday.  Corn has been mostly sideways throughout the past 5 days while soybeans have traded around a 75-cent range.  Weekly export inspections were poor for corn with 341k tonnes shipped last week.  Soybeans were landed mid-range of expectations at 238k tonnes.  Corn shipments are now 78 million bushels behind the pace needed to hit the USDA export target, up from 60 million bushels last week.  Soybean export shipment pace is now 23 million bushels ahead of the USDA target, down from 28 million bushels last week.  For the WASDE report on Wednesday, analysts’ average estimates show trade expecting the USDA to cut corn yield by about 5 bu/ac and soybean yield by 0.6 bu/ac.  They also have the 2022/23 corn ending stocks decreasing by 30 million bushels which seems out of line considering how sluggish demand has been for the past 6 months.  USDA will need to sharpen their demand numbers for corn exports and ethanol before the end of the marketing year.

rainfall.png

Read More News

Apr 24, 2024
Profit taking was the feature of corn and soybean trade after corn rallied 20 cents and soybeans rallied 46 cents over the past week.  Spread correction was also seen today with May price spreads widening back out 1-2...
Apr 23, 2024
After struggling a bit on the tail end of overnight trade, corn and soybeans traded steady higher and looked their most firm heading into today’s close. After chugging higher for a third consecutive day, we viewed some more...
Apr 22, 2024
Some really nice follow-through after Friday's recovery resulted in some key technical signals for trade. Each pullback throughout the day was met with some fast buying. Corn and soybeans followed wheat's lead. Wheat...