10/15/2021

Strong moves higher in wheat and oats, along with some technical support on the charts, lift corn and soybeans to finish the week.  Trade was lower at the overnight open but never looked in the rearview once we were back in the green.  The USDA announced 3 separate soybean sales for the 2021/22 marketing year at 8am this morning; 396,000 tonnes to unknown, 326,750 tonnes to unknown, and 132,000 tonnes to China for a total of 31.4 million bushels.  Net export sales for last week topped one million tonnes for corn and soybeans and were mid-range for trade estimates.  Last week netted 1.04 million tonnes of corn and 1.15 million tonnes of soybeans sold for export.  An unusually information packed Friday also included the NOPA crush numbers for September.  Bushels crushed was reported at 153.8 million vs 155 million estimated and soyoil stocks came in at 1.684 billion barrels vs 1.663 estimated.  With this morning’s large export sale announcement, the market wasn't concerned with these slightly negative numbers.  Current forecast looks like we should have a big harvest weekend across the western corn belt.