May 26, 2021

July corn finds some buying support around the 600 level early in the session to finish 4 higher.  December corn traded similar, with buying interest coming in around the 500 level, managing to squeeze out a nickel higher on the close.  Old crop beans were 7-8 lower and new crop months were virtually unchanged from yesterday.  Volatility was present today with corn seeing a 27-cent range and a 36-cent range in beans.  Corn trade perked up with rumors swirling of China having interest in US old crop corn but, with no bids on the PNW market, it will remain to be seen if there is any truth to it.  It genuinely feels like our market has turned from "buy the fact, sell the rumor" into "buy the rumor, sell the fact."  Remind yourself where our markets were at a year ago, how long it has taken to return to these price levels, and not to leave grain in the bin unpriced past the point the market shifts its focus to new crop.  Soybean demand continues its downtrend with end-users claiming they are very close to bridging the gap to the new crop period.  Demand for corn has slipped slightly but good margins for end-users will keep them hungry for bushels and help maintain some strength in basis.  We go from unseasonably warm to unseasonably cool in a matter of a couple days but the 90%+ chance for rain is worth it.

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