10/20/2021

Oct 20, 2021


10/20/2021
Soybean crush margins made another large positive move, triggering funds and managed money to buy the entire soy complex.  About a week ago, funds were short soybeans and today's surge offered spillover support to corn, where the December contract finally traded and closed back above its 50-day moving average.  November beans have bounced off of the March low of 1184 shortly after this month's WASDE report but, on the outside looking in, feels like the market really hasn't traded a 320 mln bu carry out, yet.  With better-than-expected soybean yields more common than not across the western corn belt and more Brazil soy acres expected, this is a rally to sell into.  Funds suddenly interested in being long at a time of our largest supply is odd.  8am export sale announcements have suddenly gone quiet this week and the FSA acres update that was due last Tuesday has still not been released.  Strong ethanol margins have resulted in a big upswing in production.  Weekly ethanol numbers gave us the 3 highest productions ever with 1.096 million barrels per day last week.  Stocks increased 233,000 barrels to 20.02 million barrels.  Spring wheat continues its strong trend higher, setting new contract highs again today and the front month looks like it will give the 10.00 level its first test soon.

Read More News

Mar 11, 2025
The monthly USDA WASDE report was today and it was about as boring as it can get.  The USDA took the month off leaving corn and beans carryouts unchanged.  Corn remains at 1.540 billion bushels and beans at 380 million bushels.  World ending stocks were slightly lowered on both corn and beans.  World corn was pegged at 288.94 million tonnes vs 290.3 million tonnes previously.  World beans were pegged at 121.4 million tonnes vs 124.3 million tonnes previously.  All of the South American crop production estimates were also left unchanged.  
Aug 30, 2024
Corn picks up 10 cents and soybeans improve just over 25 cents on the week to go into the holiday weekend on a positive note.  Soybean export sales have picked up the pace in a big way.  At the end of last week, sales...
Aug 23, 2024
Corn trade was flat at 2 lower throughout a majority of the day to take us back to where we started the week.  Soybeans were 9-11 higher in what looks to be a dead-cat bounce in the middle of nowhere on the charts....