Tidbits, July Corn Reversal, Screwworm, Crop Progress, ENSO, Export Inspections 6/9/26
- Wright team
- Jun 9
- 4 min read
Tidbits
July corn traded down to $4.12½ yesterday morning, but settled 6¼¢ above the low and up 1¼¢ for the day. A new low followed by a higher daily settlement is a “hook reversal” and a noteworthy technical trend change signal. While it is not as reliable a trend changer as a “key reversal,” we will take it. The settlement 6¼¢ above the low is very significant.
Corn basis firmed again Monday and we expect it will continue to firm until futures rally at least 20 to 30¢ to motivate farmers to sell some corn.
Flash Sales: Yesterday morning, the USDA announced the sale of 264,000 mts of new crop soybeans to unknown and 40,000 mts of old crop corn and 63,000 mts of new crop to Japan.
Screwworm: The U.S. confirmed three additional cases of New World screwworm on Monday, raising the total number of cases to five since the first domestic screwworm infestation in six decades was found in a Texas calf last week.
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