Grain > Commentary > 7-9-2024

7/9/2024

Jul 09, 2024

Corn and wheat hung around either side of unchanged throughout Tuesday while soybeans took another hard hit. It has not been seen in any type of official report but we can probably assume that the funds are now at record large short positions for corn and soybeans. The funds are firmly in control and this is our market until the funds decide otherwise. The weekly crop conditions update didn't offer anything to help stabilize trade and showed net improvements on the week for corn and soybeans to 68% good/excellent for both.

4-year market cycle for corn. Front month hanging above our bullish breakout point from Aug. 2020. Cannot emphasize how bearish it is If the September contract is below that breakout point (393’0) when July expires.

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3/31/2025
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3/11/2025
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