Oct 22, 2021

Another big surge across the wheat trade with the Spring Wheat front month eclipsing the 1000'0 level for the first time since 2012.  Big buying interest in wheat and good ethanol margins propped up corn to finish 3 to 5 higher and go into the weekend on a strong note.  Demand likes to put together a bullish outlook for corn but ethanol profitability through the entire marketing year is more important than what we see right now.  December corn has tapped out at the 540'0 mark each of the last 3 days but has also posted higher lows each of those days, forming a small bull flag on the chart.  A small break higher is possible next week.  Soybeans in general have been weaker as of late and continued this trend today.  November options expired today and the contract will go through delivery and expiration over the next few weeks.  Charts continue to give a bearish bias for soybeans.  The wheat market as a whole has some interesting dynamics going on.  The market is begging for someone to sell but an actual bid doesn't seem to exist.  Today's big move higher likely included some folks simply getting squeezed out.  Weekly cash closes: corn up 9 cents and soybeans 4 cents higher.  Weather-wise, we look to be heading down towards more seasonal temps through this weekend and next week. 

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