May 24, 2021

Corn lower and soybeans mixed as old crop futures continue to leak value, finishing 1-4 lower to start the week but well above their overnight lows.  July and December corn gapped lower on the open Sunday night and needed most of the day session to build enough upward momentum to close those gaps.  We are trading a weather market and the heat, humidity, and some nice rains across major growing areas in both the US and Brazil over the weekend was all that was needed to apply some sell pressure to the board.  More hands are beginning to re-enter the market which may keep the volatility a little more subdued in the short term.  Weekly export inspections were down from the previous week but within trade range estimates.  Corn was on the low end of expectations with 1.728 mln tonnes inspected for shipment.  Soybeans came in at mid-range of estimates with 194k tonnes inspected.  Wheat was on the high end of expectations with 574k tonnes inspected.  Some interesting news out of China today with the government threatening punishment for heavy speculation and/or hoarding of commodities.  Their domestic commodity markets are nearing 10-year highs and the Chinese government has been steadily making threats and warnings in an effort to restrain price rallies.  These rallies have been caused mostly by government regulations and reforms on the industries limiting output.  Like anywhere else, their markets will eventually correct themselves based on supply and demand.

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