2/5/2024

Soybeans were quietly 4-7 cents higher and corn mostly unchanged to begin the week.  The grind continues, picking up where we left off last week as the market evaluated some weekend rain in South America.  This morning, the USDA announced 155,000 tonnes of soybeans for delivery to Mexico during the 2023/24 marketing year.  There was a little bit of role reversal in the weekly export inspections report.  Total tonnes shipped last week between corn and soybeans were near the top end of the trading range total guess but corn missed to the low side and soybeans well outperformed their high estimate.  Shipments totaled 624k tonnes for corn and 1.426 mln tonnes for soybeans.  That was a 10-week high for soybeans.  We should begin seeing an upswing in corn shipments as we near their seasonal window for shipping.  Marketing year to date, corn shipments slow their pace to an 11-million-bushel surplus versus an 18-million-bushel surplus last week.  Soybean shipments improve from 68 million bushels behind the USDA target pace to a 64-million-bushel deficit.