6/22/2021

Volatility, more volatility, the volatility continues.  Two-sided action in both corn and soybeans all throughout the overnight and through mid-day until updated weather models showed a high possibility of excess rain starting in eastern Iowa and spreading into Illinois.  The weather models also added moisture into the forecast for the balance of the grain belt, minus the Dakotas.  Corn condition rating slipped again this week, with the U.S. crop seen at 65% good/excellent, a 3% cut from last week.  Soybeans in the good/excellent category were also lower this week, declining from 62% to 60% g/e.  Spring wheat was the bright spot on the markets today, up 13-17 cents, as crop conditions are the worst since 1989.  Across the country, corn basis slips a little and soybean basis appears to have steadied going forward.  News/updates on the South American corn crop has been extremely quiet as of late which probably means Brazil and Argentina are harvesting a lot more corn than what we thought they were going to have.  Overall, a quiet news day.  Taking a look on the bright side, there's only 6 more months of these market swings until the USDA tells us what we have for a crop.