7/15/2024

What goes up must come down. Absolutely no fight from the buy side with corn, soybeans, and wheat all breaking lower to begin the week. Corn and soybeans also saw some fresh lows, trading at levels not seen since harvest in 2020. Much like we saw the funds relentless adding length from late 2020 into the summer of 2022, we're seeing the mirror image with some violent moves to the downside. NOPA crush for June was reported with 175.599 mln bushels of soybeans crushed during the month, below the average guess o 177.936 mln bu but was still a record for the month. Soy oil stocks came in at 1.622 bln lbs, trade average guess was 1.669 bln lbs. Weekly export inspections for corn came in at the tip-top of expectations with 1.079 mln tonnes shipped. Soybean inspections missed low with 169k tonnes shipped. Prices continue to search for levels that will spark export demand and it will take some significant fresh export business or weather event to scare the funds into offsetting a chunk of their short positions.

Front month contract (Sep 24) for corn closed below the 393’0 level. 393’0 was the floor for our breakout move back in late 2020