Grain > Commentary > 7-16-2024

7/16/2024

Jul 16, 2024

Soybeans are now priced off of the November futures.  Corn and soybeans enjoyed a day of higher trade and posted modest gains of 2-5 cents.  The weekly crop ratings report was unchanged from the previous week with corn and soybeans remaining at 68% good/excellent.  Overall, it was a quiet trade day.  There were no USDA reports or announcements today and no headlines or news overnight so we can probably view this as simply a correctional bounce after Monday's sharp move lower.  In our opinion, corn needs to fight hard and hold over this 393'0 level or there's another 30 cents of downside risk in the cards.  There is a similar story in soybeans.  The market needs to hold above the current lows or risk going down into the 9's.

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3/11/2025
Mar 11, 2025
The monthly USDA WASDE report was today and it was about as boring as it can get.  The USDA took the month off leaving corn and beans carryouts unchanged.  Corn remains at 1.540 billion bushels and beans at 380 million bushels.  World ending stocks were slightly lowered on both corn and beans.  World corn was pegged at 288.94 million tonnes vs 290.3 million tonnes previously.  World beans were pegged at 121.4 million tonnes vs 124.3 million tonnes previously.  All of the South American crop production estimates were also left unchanged.  
8/30/2024
Aug 30, 2024
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8/23/2024
Aug 23, 2024
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