11/2/2021

A slightly calmer day of trade with corn lower on likely profit taking after oats traded 50 lower going into the coffee break.  Oats still managed to finish 10-11 higher on the day, setting more all-time highs in the process.  After setting fresh contract highs on the front months, all classes of wheat also saw what was likely profit taking.  Spring wheat did manage to comeback and finish near unchanged on the day. Soybeans finished 7-9 higher, helped out mostly by soybean meal finally finding more solid buying interest.  Meal was undervalued for a majority of October and was mostly an after-thought to soybean oil.  Soybean meal has now pulled itself back up to an associable value compared to soybeans.  U.S. harvest progress currently shows corn at an estimated 74% complete (81% last year, 66% average) and soybeans at 79% complete (86% last year, 81% average).  Soybean planting in Mato Grasso, Brazil's largest soybean producing state, is estimated at 83% complete (60% average).  Brazil as a whole has planted 51% of the expected soybean area (35% last year, 40% average).  Conditions in Brazil have been very ideal for soybean seeding.  Corn export demand remains mostly quiet except for interest in Canada and the market remains mostly centric around ethanol for the time being.  Time to be careful getting overly bullish with large corrections looming for corn, wheat, and oats

Today’s high in Dec corn of 586’0 touched the overhead trend line perfectly and faded from there.
Soybean charts forming a possible bullish breakout after setting their most recent low in October.  Doesn’t make sense for soybeans to break higher; export sales are stagnant/routine and US carryout of 300+ million bushels is more than enough to satisfy domestic needs.