6/17/2021

Jun 17, 2021


6/17/2021
Trade took the bulls to the slaughterhouse today with sharp losses across the ag commodity sector.  Tomorrow, we finish the week with daily expanded price limits in corn (60 cents), soybeans (1.50), and lean hogs (4.50).  We have been expressing concern over the past couple months about how our corn market was vulnerable: big production areas catching good rains and the USDA severely understating corn acres in the March 30th planting intentions report.  The amount of old crop farmer selling across the country has also picked up, sending a signal that there is likely more unsold inventory in on-farm storage than previously thought and this may, or may not, be reflected in the June quarterly grain stocks report and will partially rely on how honest farmers filled out surveys.  Weekly export sales were light this week but within target range for old crop with 18k tonnes of corn and 65 tonnes of beans sold.  The USDA did announce a sale of 135,000 tonnes of soybean meal to the Philippines for 2020/21 this morning.  Technically, we blew through several lines of support on soybeans today and this is lowest the front-month for beans has traded since Jan 25.  November beans traded below their major support level of 1242 but managed to close a dime over it.  If rain is realized this weekend, expect the bleeding to continue.

Read More News

Apr 24, 2024
Profit taking was the feature of corn and soybean trade after corn rallied 20 cents and soybeans rallied 46 cents over the past week.  Spread correction was also seen today with May price spreads widening back out 1-2...
Apr 23, 2024
After struggling a bit on the tail end of overnight trade, corn and soybeans traded steady higher and looked their most firm heading into today’s close. After chugging higher for a third consecutive day, we viewed some more...
Apr 22, 2024
Some really nice follow-through after Friday's recovery resulted in some key technical signals for trade. Each pullback throughout the day was met with some fast buying. Corn and soybeans followed wheat's lead. Wheat...