Feb 28, 2022

Opening calls for Sunday night were sharply higher after a weekend that offered no market stabilizing news or headlines. The saying goes "buy the rumor, sell the fact" and trade was all about adding length to positions as those active in the market continue to assume Ukrainian ag exports will be shut down for some time. This could be another opportunity to potentially pocket some market risk premium that some may have missed last week. May 22 and July 22 corn contracts traded limit higher today with May closing at the limit. Soybeans traded 40-70 higher mid-session today but some likely profit took the top end off of the market and closed the day 20-50 higher but well below the highs. The USDA announced 2 soybean sales this morning at 8 a.m. that included 136,000 tonnes to China in the 2022/23 marketing year and 120,000 tonnes to unknown in the 2021/22 marketing year. Weekly export inspections were right in line with trade expectations with 1.544 million tonnes of corn and 735k tonnes of beans inspected for export. Corn export shipment pace to date is short of the USDA's target by 100 million bushels compared to 127 million bushels the previous week and continues to trim the deficit. Soybean export shipments to date fall short of the USDA's target by 22 million bushels compared to the previous week's marker of 13 million bushels short. There’s no shortage of volitility, continue to work sell orders at bench mark prices and average up your sales.

Big ranges the past few days. Would be healthy for trade to begin consolidating and allow our market an opportunity to evaluate the actual value of grains at these levels.

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