9/18/2023
Sep 18, 2023
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A bit of an ugly start to the week for corn, soybeans, and wheat. Corn and soybeans held steady/sideways throughout overnight trade but immediately broke support at the 8:30am opening. Corn finished 4 lower where it was stuck must of the day. Soybeans finished just above their lows, down 16-23 cents on the day. The market has been mostly disengaged on all sides as we continue on a seasonal type pattern/trend as we move inevitably closer to harvest. Weekly export inspections came in-line with expectations. Corn shipments totaled 642k tonnes and soybean shipments 393k tonnes. Market-year-to-date shipments compared to last year are running roughly 10% ahead for corn and 30% behind for soybeans. The USDA had an 8 a.m. announcement this morning confirming the sale of 123,000 tonnes of soybeans for delivery to China during the 2023/24 marketing year.
November soybeans broke support at the 200-day moving average immediately on the 8:30 re-opening. I expect some strong support at the 100-day moving average/1300’0 area.
![](/getattachment/3c01e73c-e71b-426a-9f5b-14c7bf0076c8/bean-chart.png?lang=en-US)
November soybeans broke support at the 200-day moving average immediately on the 8:30 re-opening. I expect some strong support at the 100-day moving average/1300’0 area.
![](/getattachment/3c01e73c-e71b-426a-9f5b-14c7bf0076c8/bean-chart.png?lang=en-US)