7/11/2024

The markets looked promising overnight and showed some strength going into the morning break. Corn was holding steady in the range of 5-8 cents higher and soybeans were flexing a solid bounce of 7-11 cents higher. Soybeans had held off a couple early waves of selling but eventually caved, flipping red on the front end at midday. A late push brought us to finish just on the green side of unchanged. This price action in soybeans pulled wheat and corn off of their daily highs but we were able to close with some modest gains of 2-3 cents in corn and wheat finished a solid day with some double-digit gains. Weekly export sales were mid-range for old crop corn with 538k tonnes sold. Old crop beans were on the low side of expectations with 208k tonnes sold. Sales pace for corn improved 9 mln bu this week to a 74-million-bushel surplus. Soybean sales pace remained unchanged at a 50 million bushel short-fall. The July WASDE report will be out at 11 a.m. tomorrow. With the extreme oversold conditions and the record short position in funds, this report is getting a little more attention than it normally would. Trade will be focused mostly on any change to the U.S. crop yields and Brazil production.

Record net short position for corn…