5/9/2024

May 09, 2024


Markets were steady-higher through the overnight session until the East coast crowd came online at 8 a.m. their time. Corn and soybeans quickly flipped to the red and headed into the coffee break lower where they spent the remainder of Thursday. Soybeans felt it the most, giving up another 13-19 cents on the day. We're still well above the starting point of the rally on soybeans with potential support at moving averages and the 1200 handle below the current price levels. Just some basic technical analysis says corn has pulled back off of nearest highs far enough. Trade is expecting the USDA to print some unfriendly 2024/25 crop numbers in tomorrow's report. We will likely see the 181-corn yield remain unchanged. Overall, the past two sessions feel like trade is just trying to get out in front of a report that’s expected to be bearish and we can say a lot of the expected bearishness is priced in at this point. The USDA did announce a small export sale this morning for 132,080 tonnes of corn to Mexico split between the 2023/24 and 2024/25 marketing years.

4 week drought monitor comparison. Some notable improvement across Iowa, Minnesota, and Wisconsin

Read More News

May 10, 2024
The USDA gave trade a report that was friendly for corn to work with.  Despite a higher finish, the report was quite negative for soybeans with the USDA plugging in a 445 mln bu carryout for the 2024/25 crop year.  What...
May 08, 2024
Corn and soybeans were lower on Wednesday with corn down 5-8 cents and soybeans giving back 12-19.  The previous 5 days gave our futures a rally we have been waiting for since late February and pull-backs like these...
May 07, 2024
Corn and soybeans take a breather after setting fresh highs for the move on Tuesday. It’s been an impressive run over the past 5 sessions with corn trading a 30-cent range and holding a 20-cent gain over that time period...