More price punishment.

Overnight- Corn and wheat finished higher while soybeans were a little lower.

Everyone is looking for the catalyst to get the funds to cover their short positions but while we wait, they just keep punishing prices.

The short traders have first notice day next Thursday and the thought that there are a lot of basis contracts to be priced the next few days.

China did buy sorghum overnight- 126K MT. We would like to see them in the corn market, but beggars can’t be choosers.

US Gulf corn is competitive with Argentina and Brazil on an FOB basis.

Bottomline

It is good to see China come in for sorghum, but weather and first notice day will be the main drivers the next week of trading. Look for more pressure but look for a relief rally maybe late next week.

NFC Grain Comments Options -2.22.24

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