Jul 28, 2023

We end the market week on the down side with corn and soybeans both giving up double-digits on Friday. Grains did get a quick shot of life mid-session with some new activity between Ukraine and Russia but trade seems satisfied with the market and comfortable with the risk premiums priced in given our weather and current demand. Any fresh buying on this morning's headline was quickly washed out and we returned to our short-term trend lower. The USDA hit the wire again with three soybean sale announcements that totaled over 900k tonnes (33.3 mln bushels) at 8 a.m. this morning. For delivery during the 2023/24 marketing year: 325,000 tonnes to China, 171,460 tonnes to Mexico, and 413,000 tonnes to unknown. Cash soybean basis continues to melt as we near a planned maintenance period ahead of new crop for crushers. Looking back over how we traded June and July; corn and soybeans seem to have fallen into more seasonal-like trends. Barring any surprises, funds and speculators may be content to let grains drift going forward into the harvest period, allowing themselves an opportunity to consider how the crop may finish.

Today’s Russia/Ukraine news created a quick rally in corn of 8 cents within 10 minutes but was over about as quick as it started. Weak looking finish for grains today.

Read More News

Apr 19, 2024
A nice pop in the markets to end the week after a sharp rise in geopolitical tensions. Retaliatory strikes between Iran and Israel took place overnight and, unfortunately, corn and soybeans need something like this to fuel a...
Apr 18, 2024
Not much to get excited about today. Corn and soybeans traded higher for a very brief moment before weakness set in. Corn ends the day down 3-5 cents and soybeans lose 12-15 cents. The weekly export sales...
Apr 17, 2024
An uneventful week for corn and soybeans so far.  A large majority of the volatility has been isolated to the soy trade which today saw beans finish 1-5 higher, meal $3 higher, and some small gains in oil.  Corn traded less than...