Jun 05, 2024

Demand is routine and any threat to this year's crops currently perceived as minimal keeps us in a grind lower.  We did see some 5 higher corn and 10 higher soybeans trade for a brief while after the 8:30 re-open.  Corn is back down near 3-month lows meaning our "late planting" rally is officially priced out of the market but doesn't mean we can't make a run at something better than today's prices in the near future.  The farmer has been severely disengaged since mid-May and basis has reacted by firming.  We have some potential head and shoulders patterns on the charts we can use if trade can find somewhere close to bounce from.  We've basically erased May's trade from the charts in the first week of June.  New sell targets (these have been revised lower):  Fill cash corn at 460 July futures to close out on old crop sales (previously 477'0), new crop corn at $4.30 or Dec HTA's at 480'0 futures (previously 502'0). Fill cash soybeans at 1200 futures to close out old crop, new crop soybeans at $11.00 cash or 1188 futures.

Potential head and shoulders pattern we are looking for to give us some to sell cash grain against. Gaps are likely to remain unfilled on the charts.

Read More News

Jun 17, 2024
Down hard across the grain complex to begin the week.  Corn finished 6-7 cents lower and soybeans closed 16-22 cents lower.  It's no secret that there is a variety of little things not perfect with the corn crop.  The...
Jun 14, 2024
Grains were negative in overnight trade and weakness continued to build throughout the day. Corn gave us a very brief look at some 1 cent higher trade this morning before flipping back to the red. Corn basis and spreads...
Jun 13, 2024
Decent bounce in corn and soybeans on Thursday. With the USDA not offering much in yesterday's WASDE, the market turns back to a money flow game. Weather outlooks showing potential for some above normal...