Big Soybean export sales & big flash sales!

Soybean export sales for last week totaled 1.716 MMT with 840k tons going to China. Corn exports were under expectations again at 691K tons. While we do believe the USDA will have to trim corn exports many want them to cut soybean exports as well and we just are not seeing the justification for it. We currently have the 4th best book of business and shipments have not been that bad. Argentina is a blast furnace right now and incredibly dry and Brazil while in good shape has just finished planting. Maybe the soybeans to run into some issues in early 2023 but right now the balance sheet is tight does not look to be loosening much. Speaking of balance sheets, we have December WASDE tomorrow and we are looking for the US numbers to remain the same but look for Argy production to be trimmed and Brazil to be left alone for now. For today, we will watch 6.35 & 14.49 for support and 6.55 & 14.93 for resistance. NFC Grain Comments Options -12.8.22 (2)