10/5/2021
Oct 05, 2021
A strong double-digit bounce in soybeans was fueled by sharp rallies in soybean and Malaysian palm oil, today. After making fresh lows for the move, soybeans key reversed higher today. Corn tried to put together some strength throughout the day, trading its daily highs around the midpoint of the session, from that point, faded into the close. Corn was feeling the pressure of a fast harvest after crop progress showed corn 29% harvested, well above the 22% 5-year average for this week. Over the past 6 trading days, corn has struggled to trade and settle above the 50 day moving averages. Yield reports continue to pop up from across the grain belt and, so far, there still very little evidence that the USDA's yield estimates are too big. Some private analysts have started increasing their own yield estimates slightly. For now, the USDA estimates of 176.3 for corn and 50.6 for soybeans are within reach. Export inspections for corn and soybeans picked up pace again last week with 809k tonnes of corn (636k tonnes week prior) and 844k tonnes of soybeans (485k tonnes week prior) were inspected last week. Continue to use these rallies and solid bounces like we saw in soybeans today to price bushels in town.