Grain > Commentary > 11-29-2021

11/29/2021

Nov 29, 2021

11/29/2021
Money flow was in sell-off mode on Monday following a highly volatile short session on Friday.  Soybean trade's objective today was to fill the gap from Friday's hard open that left a 10-cent gap overhead on the chart.  Once that gap filled after the coffee break this morning, futures leaked lower throughout the entire day.  News has been routine as of late with only recycled headlines.  Lack of anything fresh typically triggers selling.  Weekly export inspections were strong for soybeans last week with 2.143 million tonnes, above the top trade estimate.  Soybean shipments have increased their pace and are now 20 million bushels below the pace necessary to meet the USDA's export target, versus 60 million the week prior. Corn and wheat shipments were within range but on the low end with 766k tonnes of corn and 251k tonnes of wheat inspected for shipment.  Corn shipments are now short of the pace needed to meet the USDA target by 153 million bushels compared to 151 million bushels the week prior.   In the blink of an eye, we're already less than 10 days away from our next WASDE report.  The December report is one that is always talked as unimportant with a lot of traders looking towards January for the final production numbers.  I hope everyone had a wonderful Thanksgiving.

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