Big soybean purchases out of China!

Soybeans are leading the way higher with corn and wheat higher as well.

Yesterday afternoon, Reuters reported a big soybean purchase from China. It was reported that 10 cargoes were bought from both PNW & the Gulf.

China is likely hedging its bets against more weather issues in Brazil.

Soybeans had backed off to finish the day yesterday but jumped out of the gate last night following this report.

Brazil will be dealing with 100-degree temps and no rain in the next week.

The north will struggle with dryness until next week while the south continues to get pummeled by rains.

Planting pace has fallen off the last 2 weeks and is now the slowest since 2020.

Argentina weather continues to be positive with scattered showers the next 10 days.

Crude oil dropped below 80.00 a barrel yesterday as the USD bounced back from Monday’s lows.

USDA put out baseline numbers for next year. Corn 91 million acres with a yield of 181.0 leaves a 15.04 billion bushel corn crop and a 2.616 billion bushel carryout.

Soybeans are pegged at 87.0 million acres and a 52.0 yield equaling a 4.475 billion bushel soybean crop and a 286 million bushel carryout.

Support and resistance

4.68 & 13.54 for support

4.82 & 13.83 for resistance NFC Grain Comments Options -11.8.23

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