May 22, 2024

Soybeans traded in the range of 2-3 cents higher during the overnight portion and then rolled higher throughout the day. The November 24 contract traded within 8 cents of its high for the month before ending the day up 5 cents. Corn shook off the weakness in wheat and played follower to soybeans and bounced around from 1-5 cents higher throughout the day. Enthusiasm on the long side of trade appeared to fade in the final hour of Wednesday's session. For now, any bullish news and headlines are priced in and we may need something new to feed the bull if we want to see December corn and November soybeans take a run at closing their upside gaps on the charts. Beginning on May 1st, this move higher in soybeans was sparked by funds offsetting chunks of a large net short position after news of torrential flooding in Brazil, now that the market has had time to evaluate what the true damage was, it’s estimated the soybean losses are only around the 3 million tonne mark. Reminder: it was less than 2 weeks ago when the USDA printed a 2024/25 soy production forecast for Brazil of 169.0 mln tonnes.

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