5/9/2024

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