Grain > Commentary > 6-23-2021

6/23/2021

Jun 23, 2021

6/23/2021
A much more reserved trading range compared to what we have seen over the past month with 15-20 cent ranges in corn and soybeans and both finishing mixed on the day.  Late yesterday there were rumors of China being back in the market for new crop soybeans and those rumors were confirmed true this morning with the USDA's 8am announcement of 330,000 tonnes (12.1 mln bushels) of soybeans to China for the 2021/22 marketing year.  Talk was swirling again today that China was buying more new crop beans and this means exporters are selling beans on the PNW market that may not be there (the Dakotas and Minnesota) given our current conditions.  Weekly ethanol numbers were larger, with output up 23,000 barrels per day to 1.05 mln bpd.  Ethanol stocks also increased to 21.12 mln barrels, up 518k barrels from last week.  Weather forecasts showing more rains for eastern Iowa and parts of Illinois over the new few days, along with the presumption of additional corn acres on the June 30th planting report, will likely keep our market in check for now.

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9/12/2025
Sep 12, 2025
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8/21/2025
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8/15/2025
Aug 15, 2025
Corn and beans both had nice gains heading into the weekend.  Corn might seem terrible as of late, but for corn to only be down 2 cents since report day is impressive.  That was one of the most bearish reports for corn we have seen in quite some time.  Corn finished the week 13 cents off its lows and unchanged for the week.  New crop corn basis has softened a little on the week as the extra 2 million acres and 8 bushels of yield from the report has also scared a few exporters off.