Grain > Commentary > 5-31-2024

5/31/2024

May 31, 2024

The markets showed some promise during the overnight session with corn trading steady 3-5 cents higher and soybeans hanging around 11-14 cents higher.  Any signs of life were sucked out of the market with another dull weekly export sales report.  Everything was reported within their expected ranges with 810k tonnes of old crop corn and 329k tonnes of old crop beans sold.  New crop sales totaled 188k tonnes of corn but only 7k tonnes of soybeans.  Over the past 10 years, the USDA's target for new crop soybean sales averages 10% covered.  Today we sit at only 1.9% covered, the lowest percentage since 2001/02.  Price action was also dictated today with month end covering from managed money and spec funds.  Monday could be a different story.  For the month of May, July corn futures were virtually unchanged and July soybeans gained 44 cents.  The monthly move for December corn was down 2 cents and November soybeans picked up 28 cents.

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