Grain > Commentary > 8-2-2024

8/2/2024

Aug 02, 2024

Corn and soybeans bounce back off of yesterday's fresh lows.  Market news remains limited and money flow drives direction.  Overall, the U.S. crop appears to be in nice shape and conditions have been nearly ideal for crop development.  The most notable headline has been China steadily picking up their purchases of new crop soybeans.  Yesterday, the USDA confirmed 132,000 tonnes of soybeans for delivery to China.  This was followed up by an additional 202,000 tonnes announced this morning.  That is roughly 12.25 million bushels total for those two sales.  It is always good to see China come up in these flash sales but new crop bookings are behind their averages.  We need more.

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