Corn starting day up 4¢. Thursday, July 13, 2023
December corn opened up 4¢ this morning.
November corn is up 24¢.
CBOT wheat is down ¼ of a penny. KC wheat is down a penny. Minneapolis wheat is up 5¢.
“Soybean futures have rebounded strongly from Wednesday’s sell-off on apparent support from speculative bargain hunting, strong Chinese imports, and a plunging dollar,” says The Brock Report. “Corn futures have also rallied moderately after hitting long-term lows on Wednesday, but gains have been limited by improved Midwest weather and large U.S. acreage.”
This morning USDA announced the sale of 315,704 metric tons of soybeans to Mexico for delivery during the 2023/2024 marketing year.
USDA also released the weekly Export Sales report. Net export sales for the 2022/2023 marketing year:
- Corn: 468,400 metric tons, up 86 percent from the previous week and up noticeably from the prior 4-week average
- Soybeans: 80,600 metric tons, down 57 percent from the previous week and 76 percent from the prior 4-week average.
Net export sales for the 2023/2024 marketing year:
- Corn: 470,800 metric tons
- Soybeans: 209,200 metric tons
- Wheat: 395,700 metric tons
Crude oil is up 15¢.
The U.S. Dollar Index September contract is down to 99.72.
S&P 500 futures are up 23 points. Dow futures are up 81 points.
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