Wednesday July 10, 2024

• Corn and beans are looking for a new bottom
• YIKES… this bean market, yesterday soybean futures hit even fresher lows, the Nov 24 contract lost nearly 20 cents by close
  • At one point yesterday the November contract traded 55 cents from its highs last Friday
• There was a sale of 132,000mt of soybeans for delivery to China for 2024/2025
  • Prices have finally fallen low enough that China is buying US beans, this looks like the first new crop sale to China
• Rainfall from hurricane Beryl covered a wide area of the central US this week
• In 2023/2024 season India has imported 22x more Russian grain and grain products than the previous season
  • India’s prime minister met with Putin in Moscow this week and shared his aspirations to deepen ties between the two countries 
• There is a USDA report this Friday, we are expecting to see the larger stock numbers from last month incorporated
  • We could see some support from this report but this is still far from bullish