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