Aug 24, 2023
Corn was stuck in lower trade with weaker spreads for most of the session before finding just enough life at the end of the day for a mixed finish with the Sept 23 through Jul 24 contracts closing in the red. Soybeans continued on their bounce, picking up 6-10 cents on the day. Soybean sales near the old gap on the chart is once again the short-term target. Oats traded double-digits higher, closing with gains of 19-10 cents on the front months. There may be something there to help corn bounce and ease the pain of anyone who has old crop left unpriced. There were no USDA 8 a.m. announcements this morning. Weekly export sales were strong for old crop soybeans with 364.9k tonnes, almost doubling the top analyst estimate. Old crop corn had net-cancellations of 22.7k tonnes. New crop sales were on the higher end of expectations with 673.5k tonnes of corn and 1.218 mln tonnes of soybeans sold. We will do a full breakdown of the ProFarmer crop tour tomorrow.
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