MarketEdge PM Comments
Jan 22, 2024
(Caleb Kaufmann)
Nearby soybeans have the best performance of the day closing a penny and a half off their daily highs for the March and May contracts, while corn was able to tack on a quarter of a cent on the same months. These markets have had a tough time gaining any traction and continue to look for a catalyst to jump start a rally. For the day, March corn was up ¼ cent to $4.4575, December was also up ¼ penny at $4.7625, March soybeans were up 11 to $12.2425, and November beans close up 6 ¼ at $11.9750.
Nearby soybeans have the best performance of the day closing a penny and a half off their daily highs for the March and May contracts, while corn was able to tack on a quarter of a cent on the same months. These markets have had a tough time gaining any traction and continue to look for a catalyst to jump start a rally. For the day, March corn was up ¼ cent to $4.4575, December was also up ¼ penny at $4.7625, March soybeans were up 11 to $12.2425, and November beans close up 6 ¼ at $11.9750.
- US corn exports last week totaled 28.1 million bushels, at the bottom of the range of estimates and puts cumulative export inspections at 579 million bushels, up 28% from last year's 453 million now 20 weeks into the 2023/24 marketing year
- U.S. soybean exports last week were 42.7 million bushels, in the middle of market expectations but again well below year ago same-week exports of 67.6 million bushels
- Safras and Mercado updated Brazil’s soybean harvest to 5.1% complete as of 1/19. That compares to 1.7% at the same time last year
- Midday weather maps run drier in Brazil and Argentina over the next 10 days