MarketEdge PM Comments

Jan 29, 2024

(Caleb Kaufmann)

Soybeans lead the way lower today as concerns about a weakening Chinese economy and slowing demand for commodities impacted macro markets along with the grains/oilseeds and energies. March soybeans closed below the $12 mark for the first time since November of 2021. For the day, March corn was down 6 to $4.4025, December corn was down 1 ¾ to $4.7450, March soybeans close down 15 at $11.9425, and November beans finish the day off 4 ¾ to $11.8025.
  • US corn exports last week were 35.5 million bushels, below the needed pace of 41.9 million bushels. This week's shipments included 72k tonnes to China, which would leave them with just 123k tonnes in unshipped purchases still on the books
  • US soybean exports last week totaled 32.7 million bushels, falling within market expectations and above the needed pace of 21.5 million bushels per week
  • Safras and Mercado reported the Brazilian soybean harvest at 9% complete, vs 4.4% at this time last year.
  • The BA Grain Exchange estimates 98% of the Argentine soybean crop is planted. Condition was rated 44% good/ex, a sharp drop from the previous week. That group rates 8% of the crop in poor condition vs. only 2% the previous week. 

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