Grain > Commentary > 1-5-2024

1/5/2024

Jan 05, 2024

Corn and soybeans turn in a poor performance to end the first trading week of 2024.  The charts are unattractive and soybeans are extremely oversold from a technical standpoint but there's something to be said about catching a falling knife.  The weekly export sales report appeared to give trade their excuse to continue lower.  Corn and soybean sales were both missed short of their expected ranges but I'm not sure how surprised we should really be about a poor export sales performance on a short week that is stuffed between two major holidays.  Corn sales totaled 367.5k tonnes and soybean sales came in a 201.6k tonnes.  Corn and soybeans were both well into new lows today while oats and the balance of the soy complex also traded extremely weak.  The lone bright spot were some modest gains across the wheat.  At this point, our best chance to put together a sustained rally is for a problem to develop somewhere around the globe that poses a threat to grains.

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