6/2/2021

After touching limit up on Tuesday, corn trade was two-sided overnight and gave way to profit taking during the day session to finish 13 lower on the day.  Soybeans found good buying support in the forecasted weather showing record heat and little-to-no precipitation over the next 6-10 days.  Apparently, it’s only going to rain on the US corn fields?  This highly volatile, weather market trade can be frustrating, especially considering how often we hear that Brazil's bean crop continues to grow and their second corn crop continues to shrink.  Apparently, it only rained on Brazil's bean fields?  The easy-out for corn's down day was the initial corn crop rating for the year put out by the USDA, which showed a 76% good/excellent rating and only 4% poor/very poor.  Trade was expecting a 70% g/e rating but history shows that the USDA likes to tell us the crop looks good at the beginning of June.  The report also showed that we are 95% planted, 81% emerged on corn; well ahead of the 5-year averages.  Soybeans will have their first condition rating in next week's crop progress report but they were shown as 84% planted, 62% emerged; 17-20% ahead of the 5-year averages.  More estimates for corn acres planted in the June report are adding large numbers of corn acres while keeping bean acres steady.