9/11/2023

Corn and soybeans start the week with higher finishes in modest fashion.  Corn closed up 2-3 cents and soybeans 5-7 cents higher.  Trade was two-sided throughout the session but there was the appearance of some simple positioning ahead of tomorrow's WASDE report where analysts expect the USDA to make some cuts to the 2023 crop yields.  The USDA confirmed the sale of 185,000 tonnes of soybean meal for delivery to the Philippines during the 2023/24 marketing year.  The weekly export inspections report showed corn at the upper end of expectations with 624k tonnes shipped but soybeans on the low side at 310k tonnes inspected.

Corn has been consolidating on the chart since the Aug WASDE report and is set up for a possible breakout following tomorrow’s report at 11 a.m.