1/6/2023
Jan 06, 2023
Soybeans bounce double-digits higher into the weekend with 14-21 cent gains. Corn had buyers overnight and early in the day session, trading to 7 cents higher before profit taking evaporated gains. Corn finishes mixed 1 lower to 1 higher. The USDA confirmed two export sales this morning: 132,000 tonnes of soybeans for delivery to unknown during the 2022/23 marketing year and 112,000 tonnes of corn for delivery to Mexico, split between the 22/23 and 23/24 marketing years. The weekly net export sales report was disappointing for wheat and corn. Wheat sales have had record low volumes the past two weeks. Corn sales came in well below estimates at 319k tonnes sold and featured Mexico as the only significant buyer. Soybean sales were average at 721k tonnes sold. I expect the markets to be relatively quiet heading into next Thursday's crop production report. Like always, we encourage everyone to have sell orders working on major report days for old and new crop.
