# Morning Highlights 5.3.24 - Larson Grain

> Grains closed higher on May 3 with follow-through buying in soybeans and meal as Brazil faced heavy rain and flooding in Rio Grande do Sul, while central Brazil's safrinha corn faced hot, dry weather. July corn rose beyond 460 cents for the first time since early February as funds held large short positions.

- Date: 2024-05-03 · published 2024-05-03T12:00:00.000Z
- Category: weather · region Brazil · magnitude medium
- Page: https://feedsoft.ai/events/6451-morning-highlights-5-3-24-larson-grain
- Commodities: [Soybeans](https://feedsoft.ai/c/SOY.md), [Soybean Meal](https://feedsoft.ai/c/SBM.md), [Corn](https://feedsoft.ai/c/CORN.md), [Wheat (SRW)](https://feedsoft.ai/c/WHEAT.md)

## Why it matters

Brazilian flooding and dryness in safrinha corn tighten near-term supplies and support feed grain prices. Fund short covering adds upward momentum.

## Read by commodity

- SBM: bullish ▲
- SOY: bullish ▲
- CORN: bullish ▲
- WHEAT: bullish ▲

## Linked price moves

| Commodity | Date | Window | Change % | z-score | Why linked |
| --- | --- | --- | --- | --- | --- |
| SOY | 2024-05-05 | 5 | +7.8% | 3.1 | May 3 follow-through buying in soybeans and meal on Brazil heavy rain and flooding, supporting the supply-risk premium. |
| SBM | 2024-05-05 | 1 | +3.2% | 3.1 | May 3 follow-through buying in soybeans and meal on Brazil flooding supports the supply-risk driver. |
| SBM | 2024-05-08 | 5 | +7.0% | 2.9 | Follow-through buying in soybeans and meal on May 3 amid Brazil flooding, with funds covering shorts, contributed to the early part of the window's rally. |
| SBM | 2024-05-06 | 5 | +9.0% | 3.3 | Follow-through buying in soybeans and meal on Brazil flooding added to the weekly gain. |

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| SOY | 2019-05-22 | [Afternoon Market Recap for May 24, 2019 - HighLine Grain Growers, Inc](https://feedsoft.ai/events/5437-afternoon-market-recap-for-may-24-2019-highline-grain-growers-inc.md) | +6.1% | +9.9% |
| SOY | 2017-04-24 | [WEEKLY GRAIN MOVEMENT: Corn planting hits high gear before rain; soy b](https://feedsoft.ai/events/8225-weekly-grain-movement-corn-planting-hits-high-gear-before-rain-soy-b.md) | -0.6% | +0.2% |
| SOY | 2022-09-12 | [La Nina’s swan song - MarKit County Grain](https://feedsoft.ai/events/39502-la-nina-s-swan-song-markit-county-grain.md) | -2.7% | -8.2% |
| SOY | 2020-10-05 | [Grain Markets Start the Week Higher - ProAg](https://feedsoft.ai/events/11633-grain-markets-start-the-week-higher-proag.md) | +4.4% | +3.5% |
| SOY | 2018-02-27 | [U.S. grains: Wheat hits seven-month high on crop ratings - Grainews](https://feedsoft.ai/events/12433-u-s-grains-wheat-hits-seven-month-high-on-crop-ratings-grainews.md) | +3.1% | -0.8% |
| SBM | 2018-02-27 | [U.S. grains: Wheat hits seven-month high on crop ratings - Grainews](https://feedsoft.ai/events/12433-u-s-grains-wheat-hits-seven-month-high-on-crop-ratings-grainews.md) | +3.2% | -0.6% |
| SBM | 2025-10-23 | [StoneX highlights challenges with La Niña in 2025 - Cultivar Magazine](https://feedsoft.ai/events/22316-stonex-highlights-challenges-with-la-nina-in-2025-cultivar-magazine.md) | +8.0% | +11.4% |
| SBM | 2023-12-26 | [Brazil Forecasts Push Grain Markets Higher \| Tuesday, December 26, 2023](https://feedsoft.ai/events/11280-brazil-forecasts-push-grain-markets-higher-tuesday-december-26-2023.md) | -1.8% | -8.4% |

## Sources

- larsongrain.com: https://larsongrain.com/story-morning-highlights-5324-22-243911

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.