Grain > Commentary > 7-2-2024

7/2/2024

Jul 02, 2024

Corn and soybeans popped higher to begin overnight trade and were steady going into the morning break. 5-6 cent higher trade in corn and as much as 15 cent higher trade and soybeans was viewed just after 8:30 but the market immediately began slipping back from there. We closed with the front end higher out to March and May of 25 with the further deferred months ending red on the day. This is the first higher close higher in corn since June 18 and soybeans have traded 25-30 cents above their report-day lows. The USDA announced an old crop corn sale this morning for 100,000 tonnes of corn for delivery to Colombia. Weekly crop conditions showed the good/excellent rating in corn dropping 2 points, trade had expected a 1-point drop. Soybean conditions were unchanged from last week, remaining at 67% good/excellent. Ratings are now within 1 point of last year at this time.

Corn has found some willing buyers at the lows and we have also had a pattern of higher lows during the past 3 sessions. If we get a correction from this oversold territory, anything near $4 cash needs to be sold hard.

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