09/25/2024 Hi-Ho Sliver, Grains Push Pause

On the Grains
What a day yesterday in both corn and soybean. While we did hit some technical and sales objectives the market was unable to hold gains into the close. As we mentioned yesterday, China is going on a week long holiday starting October 1st and rumors of large purchase’s ahead of that week, up to 20 cargo’s or 1.2 MMT. The market has continued to slip since I started to write this report, now hovering at close in support. The US is the cheapest FOB beans and we should be getting that business, if it did actually happen.  Watch for flash sales today to confirm, without confirmation, yesterday’s high will remain formidable resistance.