After a sharply lower trade yesterday, both corn and soybeans recovered during the overnight session, and gained 1 to 2. Yesterday, March corn futures lost almost 8, mostly on improving weather in Brazil. Aside from that, we did note support in the export channels, with 2 sales of more than 13 million bushels announced to unknown destinations. Export inspections from last week were also solid at 35 million, up from 32.8 the previous week, and well ahead of last year’s 17.3 million. So far this crop year, every week has surpassed the same week of last year. Cumulative shipments are now 399 million bushels vs. 238 million last year.
January soybean futures were down more than 23 cents yesterday, and are up 1 1/4 at the morning break. They came close to the $12 barrier Sunday night, but failed again. That and reports of decent rain in parts of Brazil were enough to bring some profit taking for the last day of the month. The weekly export inspections report showed almost 75 million beans loaded last week. While this is down a bit from the previous week, it was almost 17 million more than the same week last year. Like corn, soybean shipments this year have been stronger every week than the comparable week last year. We are now 13 weeks into the new marketing year, or 1/4 of the way.
Corn 1 to 2 higher
Beans 1 to 2 higher
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