8/23/2024

Corn trade was flat at 2 lower throughout a majority of the day to take us back to where we started the week.  Soybeans were 9-11 higher in what looks to be a dead-cat bounce in the middle of nowhere on the charts.  We've had an impressive run of export sales announcements this week, something we haven't seen in quite some time.  All sales announced were for the 2024/25 marketing year and totals for the week are as follows: 1,384,492 tonnes (approximately 50 million bushels) of soybeans for delivery to China, Mexico, and unknown; 242,490 tonnes (9.5 million bushels) of corn to Mexico and unknown; 105,000 tonnes of soybean meal to Vietnam.  On this surface, this series of sales may feel bullish but the truth is we need more to get us closer to average sales volumes for this time of the year.  It would not take much of a price rally to turn buyers away from U.S. grains.