6/10/2024

Corn and soybeans ignore some sharply lower trade in wheat and enjoyed a solid, steady day with decent gains.  We briefly traded lower after the 8:30am re-opening but we bounced out of the red quickly.  Weekly export inspections were all within their expected ranges.  Corn was at the high end with 1.340 mln tonnes shipped and soybeans were on the low side at 231k tonnes shipped.  We have had a solid reset on the market and our "planting delay" is now priced out.  Longer term forecasts show above-average temperatures expected through the end of June.  Combine that with some big question marks on acres and yield changes in USDA reports over the next 5 weeks means trade could be comfortable adding some risk premium to the market.  Do we go back to challenge the highs?  There's always that possibility but routine/slow demand is going to keep a cap on the market.  Truthfully, we need a supply issue to materialize to spark a real rally.  As of right now, conditions are good enough globally to keep the world well supplied with grain.