10/7/2021

Oct 07, 2021


10/7/2021
Slow, two-sided trade overnight for both corn and soybeans.  There was a sharp sell-off at the 8:30 open but prices had recovered to unchanged well before mid-day.  At 8 a.m. this morning, the USDA confirmed two export sales to Mexico for delivery during the 2021/2022 marketing year of 9.6 million bushels of soybeans and 12.4 million bushels of corn.  Weekly export sales for corn and soybeans both netted over 1 million tonnes last week.  Corn outperformed estimates with 1.265 mln tonnes sold and net sales for beans total 1.042 mln tonnes.  Funds and managed money have been diligent in defending the nearest major support levels in soybeans ahead of the monthly WASDE report.  Trade went into consolidation mode quickly following the quarterly grain stocks report and a break out either direction on the charts would be a surprise if it happened before Tuesday's report.  Spring wheat and oats both set new contract highs today.  This is also another new ALL TIME HIGH in oat futures.  Oat futures have been trading at their highest levels in history since mid-August.  In what some would call role-reversal, the small grains have been supporting the corn and soybean futures over the past couple weeks.  The up-trends in wheat and oats are strong but any signs of weakness would be trouble for corn and soybeans.

Read More News

Jul 18, 2024
Another day of tough sledding for corn. There was some brief trade to 1 higher but we quickly went backwards into negative territory, closing just above the current contract lows. Soybeans were lower overnight and then...
Jul 17, 2024
It was a fast start to trade overnight with corn making a little surge to trade 3-5 higher and soybeans 7 higher.  Corn was able to hold on to improve 2-3 cents on the day but soybeans swung all the way back to the red side of...
Jul 16, 2024
Soybeans are now priced off of the November futures.  Corn and soybeans enjoyed a day of higher trade and posted modest gains of 2-5 cents.  The weekly crop ratings report was unchanged from the previous week with...