9/5/2023

Sep 05, 2023


A sluggish start to the week for corn and soybeans in some of the lightest volume trade we've seen in 2023 so far. Corn managed to finish the day 1-4 cents higher after some late session buying. Soybeans were unable to hold onto higher trade early and slipped into the red around mid-day. Beans finished mixed with 1-4 cent losses out to the July 2024 contract and 1-5 higher from August 2024 and beyond. This is some typical price action following seasonal trends ahead of fall. Fundamentally, it is just plain hard to find buyers with harvest only a few weeks out but this should be expected. The USDA announced the sale of 251,000 tonnes of soybeans to for delivery to unknown during the 2023/24 marketing year. The assumption is always that these announcements should be bullish but total sales volume for the 2023/24 year is very poor compared 2022/23 volumes at this same time last year. Weekly export inspections came in as expected with 481k tonnes of corn and 379k tonnes of soybeans shipped last week. With Brazil looking continue producing at record acres and yields with a cheaper availability, the U.S. export opportunities will be limited unless some sort of issue in South America develops.

December Weekly Continuous Chart: Following seasonal trends, we are looking for December corn to trade down to the 450’0 area, with potential to go as low as 430’0, using this falling-wedge-like pattern. This is a spot to look for funds and specs to re-own corn.

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