5/28/2021

Some volatility and two-sided trade overnight and after the 8:30am open but markets were mostly steady throughout the day going into the long weekend.  Widespread rains across the past 2 days went largely ignored by trade and focus shifted to China's speculated old crop corn cancellations coming in much smaller than expected to spur Thursday's limit up move into gear.  Yesterday's flash sale of 152,400 tonnes of corn to unknown for the 21/22 year also helped excite the market. Brazil's corn crop has benefited from some recent rains.  We expect this knee jerk volatility in the markets to last throughout the summer.  Current 7-14 day weather outlooks look favorable for US crops and it appears that we could be in one of the best grain producing droughts in history.  Domestic corn basis is breaking and soybean basis continues to slip, as well.  Our June markets will likely be some of the most intense trade we see, yet, with a quarterly stocks grain stocks report and an updated acres numbers for corn and soybeans at the end of the month.  Mix that with some weather and the daily price limits and we could see some trading days that are even more wild than what we've seen already.  Reminder: Glacial Plains will be closed on Monday, May 31 in observance of Memorial Day.