UGLY: $3s and $9s (Corn and Soybeans)

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🌾 Grain Market Blues: Overnight, the Dec24 corn contract took another hit, diving below $3.94 per bushel, while the Nov24 soybean contract slipped under $10 per bushel for the first time since January 2021! 📉 Farmers are rushing to offload last season’s crops as bumper US yields loom large, but buyers aren’t biting despite the bargains. 🚜💔

📊 Fund Traders’ Big Bets: The latest scoop from CFTC shows that while funds scooped up 52k corn contracts, they’re still sitting on a hefty net short of 249k contracts. Soybeans saw a bit of buying too, with funds picking up 13k contracts, yet the net short remains a significant 157k contracts. SRW wheat got a small boost with an additional 5k contracts bought. Traders are bracing for the market's next move! 🌽📈📉

🕒 USDA Report Watch: All eyes are on the USDA’s Crop Production and WASDE report dropping today at 11am CST. Market whispers hint at a boost in corn and soybean yield projections thanks to the season’s smooth sailing. However, there might be a tweak down in harvested acres. Will this stir the pot for corn and soy carryouts? Stay tuned! 📊🌱

💼 Hedge Funds Hold Their Ground: In a broader scope, hedge funds are holding a massive net short across the commodity sector, showing their biggest bearish stance since 2011. From recessions fears to overflowing supplies and a robust US dollar, it’s a tough season for commodities. 📉💡

🇫🇷 French Wheat Woes: Over in France, it’s not just the markets feeling the heat but the fields too. This year’s soft wheat haul could be the skimpiest in four decades at 26.3mmt, a stark 25% drop from last year, thanks to some truly crummy weather. French farmers are feeling the pinch and are knocking on the government's door for some much-needed aid. 🌾🚜

📦 Flash Sales Frenzy: On the brighter side, the US made some headway with soybean sales, including a neat 132,000mt to China and a notable batch of soybean cake and meal to Colombia. Plus, an additional 212,000mt of soybeans found mysterious buyers. Every bit helps in these trying times! 🇨🇳🇨🇴📈

Stay tuned as we navigate these choppy market waters together! What will today’s USDA report unveil? 🧐📊