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Grain Market Recap: 

It was a ho-hum day in the grain markets, with November soybeans serving as the only contract to close the day in positive territory. After yesterday’s encouraging closes in December Corn and November soybeans, grain bulls were nowhere to be found today. September wheat was the biggest mover in the market today, shedding another 21-2 cents. 

Corn: 

December corn futures failed to settle above 500 for the second day in a row. After trading marginally higher in the overnight session, December corn opened trading this morning at 501-6. Overnight strength served as a continuation of yesterday’s strong close, but that strength was short-lived. December proceeded to trade lower as soon as the 8:30 morning bell rang. We ultimately settled 4-4 cents lower, at 494-2 - below our 497-502 pivot pocket. Barring any bullish surprises in Friday’s WASDE report, our next support pocket won’t come until 480-482. 

Soybeans: 

November soybeans were able to build on yesterday’s strong close by trading more than 11 cents higher in the overnight session. That strength was buoyed ahead of the morning open with the announcement of a flash sale of 251,000 MT to China for 2023/24 delivery (9,222,668 bushels). Unfortunately, the residual weakness in corn and wheat served as a boon to November soybean futures. Like the December corn contract, November soybeans moved gradually lower as the day progressed. Unlike corn, November beans at least closed in positive territory - settling 2-4 cents higher at 1308-4. The recent flurry of flash sales has been encouraging, but price action today was evidence that we need to see more of it in the coming days and weeks. If Soybeans continue their gradual climb higher, they will likely find resistance between 1324-1334. 

Wheat:

There was nothing positive about the price action in September wheat today. After fighting its way back to nearly unchanged in yesterday’s trade, September wheat failed to catch a bid at any point throughout the day. In fact, the contract managed to shed more than 11 cents less than 25 minutes after this morning’s opening. We ultimately settled near the bottom of the trading range, closing 21-2 cents lower at 635-0. Demand continues to be a major concern for the wheat complex, but we may find reprieve shortly in our 4-star support pocket between 622 and 632.

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Grains Soybeans Corn Wheat 2-Minute Drill

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