7/25/2024

Corn and soybeans performed solid again on Thursday and are close to putting together one of the better weeks that we have seen in quite some time. Corn failed to take out the previous day's high for the first time this week but continues to steadily climb the ladder with a series of higher lows. We were also able to recover nicely from a midday sell-off. New crop export sale bookings continue to grow in volume. The USDA confirmed the sale of 264,000 tonnes of soybeans for delivery to unknown during the 2024/25 marketing year this morning. Weekly export sales: old crop corn midrange at 331.4k tonnes, old crop soybeans missed low with 88.6k tonnes sold, new crop corn outperforms expectations with 745.2k tonnes, new crop soybean sales on the high end at 829.7k tonnes. Old crop sales paces: corn export sales match the pace needed to meet the USDA export target but shipment pace is short by 42 million bushels; soybean export sales are short by 48 million bushels but actual shipments exceed the pace needed by 23 million bushels.

November soybeans with a friendly set up on the chart. Today’s outside reversal higher held on to close above the 20-day moving average. If you STILL have old crop to clean up or are behind in new crop sales, here is an opportunity to target a bounce. Target 1: 10.95 Nov futures for old or new crop sales. If trade is willing to take November beans back into 1100 territory, the 1125-1130 futures area is the second target for new crop sales.