Big soybean sales mostly to China
Corn and soybeans finished mixed yesterday but both bounced well off the daily lows and continued working higher overnight. Some negative rhetoric around the UN and Russia putting the extension of the grain corridor in question. This has propped wheat which helps corn along with higher crude. Export sales were bad for wheat and corn was weak, but soybeans were better than expected at 2.33 MMT. China bought 1.97 MMT of soybeans last week and were back in this morning taking another 201K in a flash sale. This follows what we have been saying about the soybean market being in better shape than the corn market. We will see if this export demand can push us back towards 14.00. We would like to see Nov 23 move back towards 13.75 to hedge some more new crop beans so be ready if we get near that level. For today, watch 6.75 & 13.65 for support and 6.92 & 14.02 for resistance.