Jun 02, 2023

Some nice reversals and a surge of buying across several commodities in the ag sector highlighted trade on Friday and it was largely a "risk-on" day across other market spaces, as well. After trading 11 cents lower, July corn had reversed higher and was challenging to trade through the 600'0 level before noon. Soybeans enjoyed double-digit gains ranging from 12-20 cents. Trade continues to weigh weather risks and is pricing in more premium. The consensus is that the USDA will need to reduce 2023 crop yields next week in the June installment of the WASDE report rather than waiting until the end of the month for the acres and stocks reports. Reminder: the USDA currently has some large trend-line yields plugged into the balance sheets that would be record yields. Weekly net export sales for corn and soybeans continue on their very vanilla pace printing average numbers towards the middle of expectations. Corn sales netted 187k tonnes and soybean sales came in at 123k tonnes. The only miss on the report was wheat coming in low with a net cancellation of 211k tonnes.

July corn completed some nice technical objectives today, giving a potentially bullish look to the chart. It was able to trade through resistance and hold at both the 600'0 level and the 50-day moving average (604'5). It also completed a 62% retracement from the May low to the April high (609'0).

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