1/9/2023
Jan 09, 2023
A quiet start to the week in corn and soybeans. Overnight trade was steady in the range of 1-3 cents higher for corn and 5-10 cents higher in soybeans. Trade gave way to weakness shortly after the 8:30 open where corn and beans hovered backwards to trade either side of unchanged. We will likely remain in relatively tight ranges as we move towards Thursday's big data dump from the USDA. The weekly export inspections report was, once again, lacking anything exciting. Corn shipments totaled 398k tonnes and soybean shipments came in at 1.438 mln tonnes. These figures were on the low-end of expectations for corn and mid-range for soybeans. Marketing year shipment pace for corn is currently 150 million bushels below the USDA target, soybeans at 46 million bushels behind target. Despite what some are calling severe dry weather, pre-report estimates show Argentina still producing a larger crop than last year. Trade also expects the USDA to show a 9% increase in Brazil's corn crop this year and a 20% increase in soy production.
