6/28/2021

Jun 28, 2021


6/28/2021
Despite some good rains across the grain belt throughout the weekend, fund and spec money poured back in at the start of overnight trade and the buying continued to build momentum throughout the day.  September corn, December corn, and August soybean contracts key reversed higher today while November beans hardly faltered from the opening bell Sunday night.  The weekend's rains were very beneficial, especially in our area, but were also isolated and spotty.  There was no USDA sale announcement this morning so we will have to look at the export sales report towards to end of the week to see if any rumors of Chinese new crop soybeans purchases can be confirmed.  Estimates for the quarterly grain stocks report show a year-to-year decline is predicted in corn, soybeans, and wheat.  We've seen what the market does on light news type of days so there is potential for some wild action on Wednesday with the report release.  The western part of the grain belt looks to return to the drier and warmer pattern over the next 6-10 days.  Reminder: Murdock will be servicing its grain handling system on Thursday, July 1 and Friday, July 2 and will not be able to receive grains either of those days.

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