Corn exports stay supportive

“Corn exports remain supportive. Weekly inspections totaled 1.407 MMT (55.4 mb), pushing 2023-24 inspections to 2.636 bb — 29% above last year,” Total Farm Marketing said. “Weather and disease concerns linger. Cool, dry finishing conditions and disease pressure may limit yields, with traders leaning below USDA’s 188.8 bpa August forecast ahead of the Sept. 12 WASDE. Corn charts have improved technically, and money flow has been positive. A close above $4.20 opens the door for a test of $4.30 and the July 18 high at $4.30 ¼.”

“Meal weakness is what is dragging beans lower as bean oil is still higher on the day. South American prices are undercutting U.S. meal export competitiveness,” The Hightower Report said.