1/24/2023

Corn took back Monday's losses, completing a full recovery for a "turnaround Tuesday."  We started out higher to begin overnight trade and held gains into the coffee break.  After we re-opened at 8:30, corn was able to maintain momentum but soybeans could not hold and slipped to negative trade by the mid-day point.  We've been patiently waiting for some 8 a.m. corn export announcements and the USDA finally came through this morning with 130,000 tonnes of corn for delivery to unknown during the 2022/23 marketing year.  Bids on the PNW have perked up slightly but values aren't anything special.  This is a good start but we need more!  Corn failed to break out of its 3-month range following our big January report day which means the inevitable break out will be even bigger.