6/26/2024

Wednesday was a rinse-and-repeat with another day in the red.  Trade was steady overnight, hanging around unchanged, and then gave us a bit of a head fake this morning.  It looked like we had found some footing with beans up 12 and corn up 5 shortly after the 8:30 re-opening but those levels just could not hold.  As a result, corn set fresh lows for the calendar year and soybeans held juts above.  Friday's report is likely to bring some big volatility with corn averaging over a 28-cent move and soybeans over a 43-cent move.  Analysts do not expect much change in acres but do see a decent increase in corn, soybean, and wheat stocks year-over-year.  Weekly ethanol showed a decrease in production of 14,000 barrels/day to 1.043 mln bpd.  Stocks were off 200k barrels from the previous week, reported at 23.4 mln.