Turnaround Tuesday? Corn & Wheat Try to Stabilize While Beans Continue to Drift

🌽 Corn Finds Some Support After Recent Selloff

• Corn attempted a modest rebound today after recent heavy liquidation

• Another flash export sale was announced:

  • Providing some support to the market

• July corn:

  • Up ¼¢ → 4.19

• December corn:

  • Down ¾¢ → 4.45¼

• 📌 Important note:

  • USDA has already sold about 98% of projected corn exports

  • Many traders expect USDA to lower carryout estimates in upcoming reports

• Next key event:

  • June WASDE Report on Thursday

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🌱 Soybeans Still Struggling

• Beans continue to show very little buying enthusiasm

• July soybeans:

  • Down 2¾¢ → 11.13

• November soybeans:

  • Down 4¼¢ → 11.31¾

• 📉 Market concerns:

  • Large index fund ownership remains in the market

  • Additional liquidation is still possible

• Soybean oil:

  • Up 30 points

  • Supported by EPA biofuel-related supply concerns

• Canola:

  • Slightly lower