6/24/2021

Grains took a beating overnight and into the morning break.  We ended the day mostly in red but finished strongly off the lows with some fractional gains in the 2021 corn trading months. Closes in corn were 20 cents, and soybeans 30 cents, above their bottom marks on the day.  It was rumored yesterday that China was in the market for new crop beans again and the USDA confirmed two new crop beans sales this morning with 132,000 tonnes to China and 260,000 tonnes to Unknown (14.4 mln bu total).  It sounds like China was still interested in more US new crop beans today so we will be waiting to see if the USDA flashes another 8am sale tomorrow morning.  Managed money continues to liquidate their long positions going into next week's planted acres and grain stocks reports.  Good rains in the "I" states this week and continued forecasts showing favorable conditions in key areas has kept selling pressure on the market.  Prepare yourself to see possible increases to both the corn and soybean 20/21 ending stocks numbers at it appears rationing has done its job and expect to see the soybean board return to a normal carry market as the summer passes.  Looks like our next best chance for rain is late Saturday evening through Sunday night.  Keep those fingers crossed!