7/24/2023

Jul 24, 2023


7/24/2023
Hot temps and dry forecasts combined with Russia conducting strikes on Ukrainian export facilities send corn, soybeans, and wheat all sharply higher to start our week. Wheat featured some locked-limit higher trade while corn and soybean enjoyed gains of over 30 cents on the day. The USDA announced a sale this morning of 121,000 tonnes of soybeans for delivery to China during the 2023/2024 marketing year. Analysts are not expecting much change in this week's crop conditions report and expect soybeans to be unchanged and the good/excellent rating in corn up 1 point. Weekly export inspections were within expectations for corn and soybeans with 310k tonnes of corn and 283k tonnes of soybeans shipped last week. The 310k tonnes of corn was the 2nd lowest total of the marketing year. Following the seasonal pattersn, soybean inspections have potential to see a quick increase as harvest in the south gears up.

Corn keeps chugging higher on a nice sustained rally beginning back mid-June. Today we came about half of a penny short of hitting an important retracement level and touching the 200-day moving average near 573. Trade through and hold above the 200-day and we can likely revisit the 600’0 mark, if not, we will trade back near the 530 area.
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Mar 11, 2025
The monthly USDA WASDE report was today and it was about as boring as it can get.  The USDA took the month off leaving corn and beans carryouts unchanged.  Corn remains at 1.540 billion bushels and beans at 380 million bushels.  World ending stocks were slightly lowered on both corn and beans.  World corn was pegged at 288.94 million tonnes vs 290.3 million tonnes previously.  World beans were pegged at 121.4 million tonnes vs 124.3 million tonnes previously.  All of the South American crop production estimates were also left unchanged.  
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