6/11/2024

The markets continue in a choppy, sideways grind. The weekly crop progress report didn't provide the long or short positions much to trade on. Corn was reported at 95% planted and soybeans at 87% planted. Crop conditions showed corn -1 point from last week to 74% good/excellent. Soybean crop ratings debuted at 72% good/excellent. The USDA made an 8 a.m. sale announcement this morning for 104,000 tonnes of soybeans to China in 2023/24. Tomorrow we will get our June installment of the WASDE report. Trade is expected the USDA to make another round of small cuts to the forecasted South America corn and soybean production. No big changes are foreseen on the U.S. crop balance sheets and trade expects ending stocks estimates to remain virtually unchanged. We may not get much to shake managed money and spec funds out of a portion of their short positions.

The window is closing for the seasonal trend higher in Dec corn but Nov soybeans typically print their seasonal high in July giving us time to work back towards the top side of our established trading range. Nearest new crop sale target remains in place at $11.00