12/3/2021
Dec 03, 2021
Corn and soybeans go into the weekend higher with a flood of speculator money coming in to buy. Fundamentals have not changed much, if it all, but the USDA did put together a nice string of soybean export sales announcements this week including another 122,000 tonnes for delivery to unknown during the 2021/22 marketing year confirmed this morning. Export sales and inspections for soybeans are currently ahead of the pace needed to hit the USDA target but the situation could change quickly with the Brazil harvest and export season likely to get an early start. There is some chatter about isolated dryness in South America but conditions have been almost perfect so far with farmers in Brazil's largest soy producing state Mato Grosso expecting a record crop. If we learned anything this year, "dryness" should probably not be a bullish positioning point. Corn played follow-the-leader today behind soybeans and we are looking for a wakeup call on the PNW market for corn like we saw in soybeans this week. Cash closes for the week: cash corn down 5 cents, cash soybeans up 14. New crop closes: corn down 10 cents and soybeans down 6. The lottery/casino action in wheat and oats continued today with all posting double digit losses, taking back most of the prior day's gains.