12/13/2022

Corn and soybeans traded almost exclusively higher on Tuesday.  After trading steady at 2 cents higher, money quickly flowed into the long side of corn, where the March contract traded 660'0 before fading back to just below unchanged.  Soybeans re-gained most of Monday's losses, even trading near 3-month highs before settling 8-19 cents higher on the day.  The USDA announced a soybean sale this morning of 140,000 tonnes for delivery to unknown during the 2023/2024 marketing year.  It is estimated that China needs to purchase an additional 1.5 million tonnes of soybeans for shipment in January to bridge the gap between U.S. supply and a fresh Brazil soybean crop.  After figuring in the data in yesterday's weekly export inspections report, corn shipment pace is 171 million bushels short of the USDA target versus 162 million the previous week.  Soybeans mostly maintained their pace, now 36 million bushels shy of the pace needed versus 34 million bushels the week prior.