Yesterday, soybean prices reached the highest levels in nearly eight months, which triggered a round of technical selling and profit-taking today that pushed prices modestly lower after a choppy session.
Once Winter Storm Landon moves on its way, not a lot of additional rain or snow is expected for the Midwest and Plains between Friday and Monday, per the latest 72-hour cumulative precipitation map from NOAA.
On Wall St., the Dow tumbled 302 points in afternoon trading to 35,327 after social media stocks tumbled following a disappointing earnings report from Meta Platforms .
Energy futures surged higher, with crude oil up more than 2% this afternoon on news of tightening supplies, trending above $90 per barrel for the first time since 2014.
Corn prices suffered a moderate setback after a round of technical selling, but prices still remain relatively close to multi-month highs and have been on a fairly stable upward trajectory since mid-October.
Corn export sales for the week ending January 27 moved 47% above the prior four-week average to 46.3 million bushels.
That was better than the entire range of trade guesses, which came in between 29.4 million and 64.3 million bushels.
Cogo’s latest estimate is for 4.593 billion bushels, down more than 14% from its first forecast of the season.
In Argentina, the Buenos Aires Grains Exchange is looking forward to rain over the next several days, but said a heat wave will follow in a report out earlier today.
Wheat prices were mixed but mostly lower after an uneven round of technical maneuvering today.
Old and new crop wheat sales totaled 5.9 million bushels, with old crop sales plummeting 92% lower week-over-week.