6/20/2024

The mid-week holiday gives the market a second case of the Mondays this week. After some recovery in the previous session, the grain complex just could not find a footing on Thursday. Wheat and soybeans were hit the hardest with double-digit losses on the day. With nothing supportive to lean on, that was the writing on the wall for corn for the day which was trading 10 lower in the final 15 minutes of the session. The sell-off over the past two weeks has taken out a fair amount of the potential downside in next week's acres and quarterly stocks reports. Once we consider the conditions some of this crop was planted in, the potential for prevent plant, and get a better idea on current moisture conditions (dry or saturated), trade may not be able to beat the market down much more going into this report.

Today we saw a yearly low for Nov 24 soybeans and a multi-year low for the November contract month.