Jun 14, 2021
With another hot, dry, and breezy weekend close to being put in the rear view, market indicators were pointing towards a sharply higher open for Sunday night. Yesterday, updated weather models were released late afternoon showing a possible 1-2" of rain across the majority corn belt in the 7-10 day outlooks and, even without a drop hitting the ground, the market was down hard immediately at the open, with Dec corn trading near limit lower within the first half hour of the session. I think it is important to note here that, on this past Friday, there was rain forecasted 7 days out that is no longer there. I would expect a bounce back as a few more days with temps in the 90's, and possible 100's, are expected and we actually need the rain to fall to keep this much pressure on the market. Trade is also expecting crop conditions to decline in the weekly report. Weekly export inspections for last week were on the low end of the trade estimate range for corn, reported at 1.544 mln tonnes. Soybean inspections were below expectations, at 128k tonnes vs the 150k tonnes estimate minimum. The NOPA crush report for May is set to be released tomorrow with trade estimating 165.12 mln bushels crushed last month. This highly volatile market is sure to continue.
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