10/18/2021

Corn and soybeans saw the last few days’ uptrend continue with December corn closing just below its overhead consolidation trend line and 50 day moving-average.  Markets started out the overnight session mostly weaker and bouncing around either side of unchanged.  The weekly export inspections helped ignite some excitement with 2.298 million tonnes of soybeans and 976k tonnes of corn inspected for shipment last week, both above trade range expectations and a good sign that the export program is humming along at the time period of our largest supply.  Weekly crop progress is expected to show that we are still well ahead of average harvest pace for corn and soybeans.  Brazil is planting soybeans in ideal conditions and well ahead of their average pace, with their biggest soybean producing state Mato Grasso estimated to be 45% planted (8% last year, 26% 5-year average).  With the size of the soybean crop in South America expected to see a solid increase, it's extremely important for the US to be efficient in shipping out soy exports this year.  Locally, we had a big harvest weekend and it looks like the greater portion of harvest will be complete at the end of this week, pending potential rain on Wednesday.