Grain > Commentary > 9-18-2023

9/18/2023

Sep 18, 2023

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.

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