Jul 13, 2023

A solid recovery up and down the board today erased most of Wednesday's losses in corn and soybeans closed well above the Wednesday opening price.  The continued fall of the dollar index fueled the fund buying in grains today.  The USDA announced a sale this morning of 315,704 tonnes of soybeans for delivery to Mexico during the 2023/24 marketing year.  Weekly net export sales were the largest for corn since March with 468k tonnes of old and 471k tonnes of new crop sales last week.  These figures were both above trade expectations.  Soybean sales were bland with 81k tonnes of old and 209k tonnes of new crop sold.  Using the revised USDA export targets in yesterday's WASDE report, corn sales pace improved to 54 million bushels behind versus 58 million bushels short last week.  Soybean sales pace falls short 67 million bushels versus 65 million bushels short last week.  We will need some big numbers in the final 7 weeks to hit the current USDA figures on the balance sheets and it is very unlikely we achieve those numbers.


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