Jun 25, 2021

More rains in Iowa and Illinois means more long liquidation heading into the weekend.  Markets showed some strength at the start of overnight trade, with corn trading around a nickel higher and beans about 15 higher at one point.  We did have an 8am sale announcement this morning but it wasn't the one trade was looking for.  USDA announced a sale of 122,000 tonnes of soybean meal to Mexico split between the 2021/22 and 2022/23 marketing years.  Still more rumors today of possible new crop bean cargoes sold to China despite no confirmation this morning on yesterday's rumors.  We may have to wait for next week's export sales report to see these sales.  Full trade estimates and averages for next acres planted report were released late yesterday.  Corn acres ranged from 92.0-95.8 million, with a 93.8-million-acre average.  Soybean acres are also estimated to increase, with estimates ranging from 87.9-90.4 million acres and a 90.4-million-acre average.  USDA gave us 91.1 million acres of corn and 87.6 million acres of soybeans in the planting intentions report back on March 31.  For what it’s worth, my own estimation is 94 million acres of corn and 88.5 million acres of soybeans.  Looks like they're trying to give us a little more rain on Sunday, hopefully they're right!

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