May 21, 2021

Markets were lower overnight and finish the week in the red quietly.  We started this morning with a fair amount of volatility but, by mid-day, trade was being conducted in an orderly fashion.  Corn and soybeans tried to trade higher for a portion of the day but it was short lived.  Demand for corn remains incredibly strong but, with some parts of the growing regions getting rain, our ability to rally remains limited.  More US corn production estimates showing large increases in acres over the USDA's planting intentions report is also hanging over the market, with one standout penciling in 96 million acres.  We may be establishing some range trade as we get closer to a new month, with the futures trying to catch a foot-hold at the price levels we were trading prior to May.  No USDA flash sale this morning.  Weekly closes: July corn 15'6 higher, Dec corn 3'6 higher, July beans 60 lower, Nov beans 40'2 lower.  Open interest in the front month continues to decline in both corn and soybeans.  China's new crop corn shopping spree may be more of a hedge against a possible crop failure in Brazil.  Continue to be diligent in your new crop marketings, smaller profit margins are still profit.  Some of the heat has been removed from the weekend forecast and we should return to average temps by the middle of next week.  Rain will be more than welcomed after temperatures in the upper-80's.  Have a great weekend!

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