6/11/2024

Jun 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

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Mar 11, 2025
The monthly USDA WASDE report was today and it was about as boring as it can get.  The USDA took the month off leaving corn and beans carryouts unchanged.  Corn remains at 1.540 billion bushels and beans at 380 million bushels.  World ending stocks were slightly lowered on both corn and beans.  World corn was pegged at 288.94 million tonnes vs 290.3 million tonnes previously.  World beans were pegged at 121.4 million tonnes vs 124.3 million tonnes previously.  All of the South American crop production estimates were also left unchanged.  
Aug 30, 2024
Corn picks up 10 cents and soybeans improve just over 25 cents on the week to go into the holiday weekend on a positive note.  Soybean export sales have picked up the pace in a big way.  At the end of last week, sales...
Aug 23, 2024
Corn trade was flat at 2 lower throughout a majority of the day to take us back to where we started the week.  Soybeans were 9-11 higher in what looks to be a dead-cat bounce in the middle of nowhere on the charts....