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Grain Market Recap: 

The grain markets are off to a strong start this week. Corn and soybeans both gapped higher in Sunday nights session, and had flash sales reported before this morning’s open. Perhaps the most encouraging aspect to the day’s price action was the strength headed into the close - December corn put in its high for the day at 1:18, and settled just 3 ticks off the daily high. Meanwhile, the November soybean contract closed 3 cents off their daily high, but well inside the top ⅓ of the daily trading range. 

Corn: 

Corn bulls have set the table for the contract to test 500 one more time before the month of August comes to a close. Corn gapped 7-4 cents higher on the Sunday evening session, opening at 494-4. The market was quick to reject the move, dropping approximately 5 cents within the first 5 minutes of Sunday’s trade. Bulls regained control on Monday morning when a flash sale of 123,000 MT (4,842,294 bu) of corn was sold to Mexico for ‘23/24 delivery. There were bouts of weakness during the session, but the contract moved gradually higher after the morning bell. For the day, December corn settled at 496-2 - up 8-2 cents, and just 3 ticks off the daily high. Look for December corn to test our 3-star resistance pocket between 502 and 506-4 in tomorrow’s session. 

Soybeans: 

The price action in corn was encouraging, but soybeans were the real winner on the day. The November contract was able to build off of last week’s strength, gapping higher by 11-4 cents opening at 1398-2. While there was a touch of weakness in the middle of the night, the gap was never in jeopardy of being filled. Before this morning’s open, we got a flash sale announcement of 296,000 MT (10,876,135 bu) sold to unknown destinations for ‘23/24 delivery. Fun fact - this marks the 6th(!) Monday in a row we've gotten new crop flash sales for soybeans. Like corn, soybeans closed within the top end of the day’s trading range, settling at 1405-6, up 18 cents. While there is slight resistance at 1409-4, look for the November contract to find more formidable, 4-star resistance later this week between 1428 and 1435.

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