2/18/2022

Corn, soybeans, and wheat all finish the week on an up-note.  December 22 corn and November 22 soybeans edged out their previous contract highs with the old crop contracts looking poised to challenge their high marks next week.  There will be no markets on Monday in observance of President's Day so trade gets a long weekend to watch for any developments involving the potential Russia/Ukraine conflict or South American weather.  The USDA announced confirmed the sale of 198,000 tonnes of soybeans for delivery to unknown with 66,000 tonnes for delivery in the 2021/22 marketing year and the balance for delivery in the 2022/23 marketing year.  We always assume "unknown" is China and these sales split between marketing years is a good way for them to assure supply if Brazil's crop comes in even shorter than expected.  It's also easy for them to cancel and roll the entire purchase into the U.S. new crop period.  Closing this week above the 1600'0 level on multiple soybean contracts is a big step for soybeans to continue rallying, it will be very interesting to see if we can hold these values after the long weekend.  We hope everyone has a wonderful weekend and make sure you don't blow away.