Dec 06, 2021

Mixed finish in corn and mostly lower in soybeans as trade continues to be about positioning ahead of Thursday's December WASDE report.  News remains mostly recycled and routine but the USDA did announcement a sale this morning of 130,000 tonnes of soybeans to China for the 2021/22 marketing year.  The weekly export inspections were all within their ranges of expectations with 758k tonnes of corn, 2.247 million tonnes of soybeans, and 246k tonnes of wheat inspected for shipment.  Export pace for soybeans compared to the USDA target continues to improve and is now ahead of the target by 4 million bushels.  Corn export pace continues to be sluggish, now projected to be below target by 161 million bushels.  We will continue to monitor that pace as export logistics switch to corn after the start to the new year.

The December WASDE report is typically one the USDA punts on and our balance sheet carries over into the new year with little-to-no changes. With the front month corn trading around the top of a 4 month range and the front month for soybeans near the top of a 2 month range, there would need to be some obvious bullish numbers on Thursday to make the report friendly. Strongly consider some sales here.

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