10/02/2024 Bouncing Beans and Boxes

On the Grains
Good morning, yesterday’s market appears to be a little more than Turn Around Tuesday as we continue to grind higher this morning, up 4 on corn and 5 on soybeans. While there is little argument that the outside geopolitical news yesterday, Iran shooting missiles into Israel, brought crude oil and wheat to life pulling corn with it. Soybeans on the other hand had a wide trading range, wanting to come along for the ride but with harvest in full swing struggled to gain much momentum. Funds are estimated to have covered most of the net short position in beans and oil while adding to the meal longs.