Grain > Commentary > 6-7-2024

6/7/2024

Jun 07, 2024

Big snap back correction in the red after Thursday's big gains across the grain complex after the bulls had nothing to challenge the 50- and 100- day moving averages in corn or soybeans. It was a quick sell-off over the past week of trade and we were due for a correctional bounce but this type of volatility (either direction) can create an unhealthy market. We don't think yesterday's move was the last gasp in the market, there's a big enough variety of dynamics to provide a little more lift, yet. There is a lot to weigh out between planted acres, prevent plant acres, South American conditions, U.S. crop conditions, and forecasted demand but to provide a clear opinion on the market, today's prices on the board are most likely better than what we will see this fall. New crop sales have been slow to build volume and export bids are nothing impressive at the moment. Our revised old crop soybean target (1200 Jul futures) hit yesterday and during last night's session before we fell sharply lower. Other targets remain unchanged.

7-day rainfall totals.

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