May 28, 2024

After the long weekend, opening calls for Monday night were higher. Corn and soybeans both opened 1-2 cents higher where they traded steady for around half of the overnight session before fading back. Corn was unchanged and beans were 15 lower shortly after the morning break and they continued lower until the mid-day point when they finally steadied off. Trade is a volatile mix with bulls screaming about weather and PP while the bears lean on poor demand and big balance sheets. December corn has now had a few chances at breaking through its 200-day moving average and has failed each time and November soybeans still have not been able to even post a challenge at their 200-day moving average. This morning, we had an export sale announcement of 215,000 tonnes of corn for delivery to Mexico with 165kt in 23/24 and 50kt in 24/25. Weekly export inspections were within their expected ranges with corn at 1.077 mln tonnes and soybeans totaling 212k tonnes. We will likely need to see some fresh sales and demand if we want our current ending stocks for the 2023/24 crops to not grow. The June-July-August time frame of the marketing year is when net cancellations on our weekly sales reports are not surprising.

Some negative looks on the charts with outside reversals lower in both corn and soybeans. Corn managed to hold at its respective 20-day moving averages but beans have some room underneath for a correction. This afternoon’s crop progress report will be looked at to see where we are at for completed plantings and it will get traded.

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