Grain > Commentary > 5-23-2024

5/23/2024

May 23, 2024

Corn and wheat traded 2-4 cents higher in steady fashion throughout the day while soybeans reversed lower off of a fresh high for the month.  Losses in soybeans were kept minimal with closes ranging 2-7 cents lower on the day and our consistent trend of higher lows in the beans remains intact, extending this pattern to 8 consecutive sessions today.  We still have some nice setups on the charts for corn and soybeans to make another leg higher but if we fail to get anything fresh for the bull to trade, we may be seeing our spring rally near its top.  We have room to make some new highs for this move and challenge the gaps on the charts given our current fundamentals but we will need a threat to this year's crop or some substantial new demand if we want to see us extend higher from there.  

Reminder: Glacial Plains will be closed on Monday, May 27 for Memorial Day.  The markets will be closed on Monday, also.

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