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It was a sea of red for the grain markets with corn, soybeans, and wheat all drifting lower into the closing bell.  At the close, December corn futures were 9 ½ cents lower to settle at 486 ¾, well off the intraday high of 499 ½.  New crop November soybeans were holding firm mid-morning but fizzled late in the day to finish the session 13 ¼ cents lower to 1392 ½.  Wheat….well you probably guessed it, wheat was the leader to the downside yet again with the December contract settling 16 ½ cents lower to 600 ½. 

We did see another flash sale of soybeans this morning, this time to the tune of 246,100 metric tons (9,042,624 bushels) for delivery to unknown destinations during the 2023/2024 marketing year.  Better than expected crop conditions Monday afternoon were the likely catalysts that offset hot and dry forecasts, which by this point have been widely reported on over the last week so it’s not really new news for the market. 

Be sure to check out tomorrow morning’s Grain Express to see how today’s trade may have altered the technical landscape.

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