5.31.24 Tredas Weekly Recap

Weekly Changes:
July Corn down 18.5c at 4.46 (down 4.5c for the month)
Dec Corn down 21.25c at 4.67 (down 2.5c for the month)
July Beans down 43c at 12.05 (up 42c for the month)
Nov Beans down 35c at 11.85 (up 25c for the month)
July KC Wheat down 12.5c at 7.11 (up 72.5c for the month)

Markets under pressure this week, wheat being the downside leader. Corn/Soybeans would be at early technical weakness. December Corn broke nearby support at 4.72, with next supportive level at 4.60. Upside resistance at 4.79, November Beans support 11.79 resistance at 12.04.

Interesting stat to note as June approaches. Looking back over the recent 10 year period, December Corn’s June 1st open to August 1st close, the August close has averaged a 40c lower price (smallest deviation being 4c lower in 2021 and largest being 89c lower in 2014). With all years resulting in a lower August 1st price. That isn't to say there won't be opportunities in the next 45 days (historically, June provides some of the greatest pricing opportunities) but it is good to keep in mind as we work towards the end of seasonal pricing window and our longer term risk exposure plans.

We always have a card to play in up or down markets, while markets are at weakness, we can look at re-positioning or adding some kind of upside to capitalize on potential June seasonal rally. Thanks and have a great weekend!