11/1/2021

Another extremely strong day in corn, wheat, and oats despite lower opening calls for Sunday night.  Soybeans were 4-12 cents lower for a large portion of the overnight session but corn was able to hang just below unchanged.  Corn has now posted a higher close for 11 of the past 13 trading days, picking up close to 70 cents with no correction and a large correction is becoming imminent for corn.  This morning, the USDA announced the sale of 132,000 tonnes of soybeans to China for delivery during the 21/22 marketing year.  Soybeans traded a 20+ cent range evenly on either side of unchanged and closed today fractional to 1 lower.  Outside markets continue to support soybean values, keeping them moving sideways on the charts.  Last week's export inspections were mid-range for corn at 619k tonnes, right at the top of end estimates for soybeans at 2.272 million tonnes, and well under target for wheat at 115k tonnes.  Total export sales for this crop are ahead of last year but that was due to some unusual very early purchases at low prices.  Cumulative corn export shipment pace is now 122 million bushels short of the pace needed to meet the USDA target and soybeans are 88 million bushels short.  Fund buying in corn is extremely evident but we still don't know why.  Corn is an ethanol market and if that stops?  The FSA acres report for October is still A.W.O.L. and this is definitely coming together as a time to be proactive instead of reactive.