7/29/2024

Just a simple change towards "non-threatening" in the weather forecasts has sent the market into sell-off mode again.  Corn and soybeans gapped lower on the Sunday night open and spent the remainder of the session recovering.  Soybeans could have fared much worse, trading 30 lower before climbing out of the gutter to close 9 lower.  Corn was negative until noon and managed a modest 2 cent gain on the day.  Weekly export inspections were in line with expectations at 1.058 mln tonnes of corn and 403k tonnes of soybeans shipped last week.  Corn narrows its deficit to 39 million bushels behind target pace and soybeans maintain their 23-million-bushel surplus.  There were no USDA sale announcements this morning.