Closing Market Comments March 9, 2023

Today’s Prices

Grain markets finished mostly lower today.

Grain Market News

Corn Export Sales

Corn had a good day overall, 1.412mmt is what the sales show.

We need 629mmt to reach the target.

This may be one of the first weeks that we are finally competitive with Brazil.

Soybean Export Sales

There wasn’t any positive news in the soybean export sales.

We had a net cancellation which means there was more cancelled than what we had sold.

USDA did increase our target slightly yesterday in the WASDA report up about 25 million bushels.

That would still be down 6.6% compared to a year ago through.

Wheat Export Sales

Wheat exports had 267 thousand which is less than what we needed at 326.

USDA says we ill be down 3.1% from last year and currently we are down 6.4%.

Weekly Ethanol Production

1.010 barrels is what we seen this week.

That is less than the 1.023 barrels needed to reach the UDSA target.

This week would be down 1.8% versus a year ago. Year to date back to September to now, we are down 3.2%.

Weekly Stocks of Fuel Ethanol

25.3 million barrels of stocks this week in storage.

That is up 2/10 of a percent from last year.

May Corn Chart

Corn closed at 6.11 today.

Chart support coming in the 6.05 area.

May Soybean Chart

Soybeans closed at 15.10 today.

Soybeans are developing a downward trend right now.

Longer term this market may try to drift lower.

Chart support will come in around the 14.77 area.

May KC Wheat Chart

Wheat closed at 7.77.

Wheat went above $9 and then pulled back into the 8-8.07 area and then broke through that which opens the doors to going back to the 7.73 area.

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