Oct 04, 2021
Markets opened weaker Sunday night with corn trading 3-4 lower and soybeans trading 8-10 lower almost immediately after the open. This morning, we had an 8am sale announcement with the USDA confirming an export sale of 426,800 tonnes (16.8 million bushels) to Mexico for the 2021/22 marketing year. The buyers showed up for wheat, again, today, with corn and soybeans trying to play follow-the-leader. Corn traded 6 higher and soybeans 1 higher around midmorning, then steadily faded throughout the day, closing well off of the highs. December 22 corn traded a new contract high of 538'6 today before retreating. Input prices for next year's corn crop have been a hot topic lately and with an increasing supply of corn now readily available most everywhere, this seems more like an attempt to buy acres for next year. Soybeans continue to reel from the quarterly grain stocks report, with the November 2021 contract trading and closing below the 1240'0 level for the first time since the end of March. 1240'0 was a major support level and the report was very bearish for soybeans, it will be interesting to see what the funds and managed money decide to do in the soy sector in the near future. Harvest should be full bore this week with a beautiful forecast ahead of us. There are minimal soybeans left to come out and corn harvest is beginning to ramp up.
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