Jun 21, 2021
The volatility continues and it's only just begun. We started the overnight markets down 15-20 cents due to weekend rainfall. The eastern corn belt saw much better rains than in the west. Minnesota, the Dakota's, and Northern Iowa were the big disappointments. Iowa has another chance towards the end of the week, but the Dakota's and Minnesota will remain dry. We saw a couple good bean sale announcements at 8 am today. 336,000 metric ton to China and 120,000 metric ton to Unknown. That sale was rumored on Friday, so it was not a surprise. The market however liked to see it confirmed today! Beans rallied back to finish up 15 on old crop and 6 on new crop bouncing over 40 cents off their lows for the day. Corn finished the day down 6 on old crop and 9 on new crop, still in red figures but nearly 20 cents off their lows of the day. These big daily swings are going to continue as this crop is far from made and there remains a number of unknowns. Weekends just add to the volatility in these situations.
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